Outstanding Investment Opportunity

Multi-Family for Sale
Catylist Listing ID: 30759105
Property Subtypes: Low-Rise/Garden
Number of Units: 24 Units
Building Size (RSF): 32,200 SF
Gross Land Area: 6.01 Acres
Sale Price: $5,400,000
Unit Price: $225,000 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 11/29/2021

Overview / Comments

Avison Young is pleased to offer for sale Aspenlea, an exquisite 24 unit multiresidential rental property located at 20 WestCreek Crescent in Neepawa, Manitoba.

The building was constructed in 2010 and offers 3-3 bedroom suites, 18-2 bedroom suites and 3-1 bedroom suites. The complex incorporates a high level of finishes to the suites, including spacious apartment layouts, individual suite HVAC control, balconies and patios with access to heated underground parking and community amenities. The building is completely sprinklered for safety, reflective of the care and concern of the project architect and overall building quality.

Located on a 6.0 acre site, with panoramic views overlooking the surrounding countryside, there is the potential for an additional building phase of 24 suites.

The building concept was developed by the local community of investors and professionals seeking to meet the needs of local residents transitioning from home ownership to a quality attractive alternative carefree lifestyle. Similarly, it also meets the needs of the rural farming community transitioning to an established community.

Since opening, Aspenlea has enjoyed long term stable tenancy. One third of the tenants have resided there for more than seven years.

Given the age of the property and the per suite rental rate, Aspenlea is exempt from the Residential Tenancy Act rent control guidelines.

The property may be acquired by either a share or asset purchase. This is an outstanding investment opportunity for an investor seeking a high-quality building, which offers a market rate of return with potential for further development opportunity.

Offered for sale at $5,400,000, at stabilized income capitalization rate of 5.5% or $225,000 per unit, well below replacement without consideration of the potential

Additional Details

Submarket/Township: R36
Tax ID/APN: 175435.000
Zoning: Undisclosed

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Contact

Photograph of Listing Agent

Reno Augellone

Avison Young Commercial R. E. (Manitoba)
CPIX® Member
Photograph of Listing Agent

Lindsay Ward

Avison Young Commercial R.E.(Manitoba)
CPIX® Member
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