Parkview & Valleyview Court

9915 101 Street, Fort Saskatchewan, AB, T8L 1V6, CA

Description

Jones Lang Lasalle Real Estate Services, Inc. (“JLL”) has been exclusively retained to offer for sale a 100% freehold interest in Valleyview Apartments and Parkview Apartments located at 9915 – 101 Street and 9917 – 101 Street in Fort Saskatchewan, Alberta (the “Property” or the “Portfolio”).

Valleyview Apartments and Parkview Apartments are identical buildings, each comprised of 15 suites with a suite mix of one bachelor suite, five one-bedroom suites, and nine two-bedroom suites.

The Portfolio is being offered with a list price of $4,110,000 or $137,000 per suite. The Property is available to prospective purchasers free and clear of any financial encumbrances. Expressions of interest to purchase will be reviewed as received. No offer, regardless of form or content will create any binding legal obligation upon the Vendor or the Advisor until fully executed by the Vendor and Purchaser. Please sign and return the Confidentiality Agreement (“CA”) for JLL Data Room access.

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Attributes

Units

Year built

1969

Land area gross

26,422 sf

Zoning

CC-D; Core Commercial - Downtown

Media

Investment highlights

Thriving and Expanding Employment Market

Fort Saskatchewan is a key player within Alberta’s Industrial heartland, making it a hub for oil and gas processing, petrochemical manufacturing, and advanced manufacturing. Resulting in a strong median household income of $113,000 which is 18% higher than Edmonton’s median household income.

High Affordability Supports Rental Rates and Future Growth

The average rent is well below 30% of the average income, supporting current rental rates, and additionally future rental rate growth as the population and economy continue to grow. Fort Saskatchewan’ stable & booming economy and increased efforts to diversify into advanced manufacturing, agriculture, and alternative energy positions Fort Saskatchewan well into the future.

Strong Alberta Market Fundamentals

The Greater Edmonton Area is one of the few major cities to experience continued increases in rents. Affordability and economic opportunities are shifting population flows into the prairies, resulting in the Edmonton CMA being one of the fastest growing cities adding over 70,000 people amounting to a 4.2% increase YoY.

Limited Rental Supply to meet Growing Rental Demand

The current rental housing inventory is relatively constrained sustaining low vacancy rates at 3.2%, and the City of Fort Saskatchewan estimates there is a shortage of 1,850 one-bedroom units, and 5,355 two-bedroom unit housing. Additionally, major industrial projects, and interprovincial migration is expected to exacerbate the lack of rental supply.