Closing Date: February 2024

Address: 1310 14th Avenue SW & 1302 14th Avenue SW, Calgary, AB

Total Land Area: 48,683 SF

Number of Units: 179 Units

Highlights:

• Unique opportunity to acquire 179 units, offering a favorable mix of one, one plus den and two-bedroom units, in Canada’s top performing residential rental market that is experiencing historically high levels of population growth through international and inter-provincial migration
• In-place residential rents are 20% below market and parking rents are 50% below market, presenting an exceptional opportunity to access current market rents as existing lease terms expire, which only average 5 months in the Building
• A healthy and consistent capital upgrade program has been in place over the last 10 years including major building components, cosmetic improvements, amenity upgrades, in-suite renovations and most recently, a major lobby overhaul
• With an average unit size of 756 SF and a suite mix offering 51% two bedroom units, 17% one bedroom + den units and 32% one bedroom units, the Building provides quality rental options for all renter types. The noticeable amenity offering includes an updated fitness centre and lobby, social lounge/recreation room, expansive outdoor courtyard and patio premises as well as oversized, private balconies. Further, underutilized space in the Building provides investors the opportunity to create value by adding additional amenity options for residents
• A separately titled, 10,600 SF, corner site, adjacent to Chelsea Estates, is part of the Offering providing investors and developers the opportunity to develop much needed residential inventory in the immediate term