Northern Lights Multifamily Portfolio

Grande Prairie, AB, CA, Americas

Description

Jones Lang LaSalle Real Estate Services, Inc. (“JLL”) has been exclusively retained to offer for sale a 100% freehold interest in the Northern Lights Multifamily Portfolio (the “Portfolio”, the “Properties” or individually, the “Property”).

The Portfolio is comprised of eight institutionally owned and managed properties, totaling 210 residential rental suites in Grande Prairie, Alberta, providing an extremely rare opportunity to acquire a well-maintained, multifamily portfolio of scale.

The Portfolio is available for acquisition on an “as-is” basis with no established asking price, allowing qualified investors to present competitive offers on a free and clear basis. While a portfolio sale is strongly preferred, the Vendor will entertain offers for

individual properties within the collection.

For more information, please contact the Advisors.

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Attributes

Properties

Number of units

210

Zoning

RM - Medium Density Residential

Occupancy

99%

Northern Lights Multifamily Portfolio (8 Properties)

Media

Investment Highlights

Immediate Scale within Proximity - The opportunity to acquire as a Portfolio provides a rare opportunity that allows a potential purchaser to acquire sizable interest in Grande Prairie’s multifamily market. The entire Portfolio is within three kilometres of each other, promoting significant operational efficiencies.

Institutionally Owned & Managed Properties - The Properties have been well-maintained and institutionally managed throughout the years. Collectively, there has been over $1.45 million in capital improvements since 2016.

Upward Pressure on Rents Due to Limited New Supply - Grande Prairie faces a critical rental shortage, evidenced by its low vacancy rate of just 2.0%, which has supported rental rate growth, with average rents rising approximately 7.0% y-o-y.

Rental Rate Upside - Currently, a 13.4% upside is readily available upon turnover across the Portfolio which amounts to $0.23 per rentable square foot. 42% of the suites are unrenovated, and 50% of suites are partially renovated, providing an excellent opportunity for a prospective purchaser to continue with the suite renovation program upon acquisition to further increase rental rates.