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I have listed a new property at 4603 16 AVENUE NW in Calgary.
Corner parcel of land with building for sale or lease located on 16th Ave NW at the intersection of Monterey Ave. Zoned C-COR2 f4.5h22 allows for a multitude of uses. Surface parking. Lot size is 10,814 sq ft. Building is 1198 sq ft total. Currently tenant occupied (vacant as of November 1, 2020), layout used as car rental and comes with a closed office and an open office area, reception and waiting area, kitchen, washroom and utility room. One grade level bay attached to building, ceiling height 22 ft. Quick commute downtown. Just a few blocks away from Foothills and Children's Hospital, and U of C. 85 ft set back road widening.
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Affordable Housing Complex Considered Non-Core Following Recent Portfolio Evaluation


By Jessica Stevenson
CoStar Research
July 20, 2020


Canadian Apartment Properties Real Estate Investment Trust, known as CAPREIT, announced the disposition of the Queen’s Park Village Townhomes for $30.5 million, or about $162,000 per unit.


CAPREIT had owned the 188-suite townhome community located at 501 40th Ave. in Calgary, Alberta, since December 2002.


Built in 1977, the most recently reported vacancy for the property was 4.25%, according to CoStar information. The company’s last reported overall occupancy for its portfolio was 98.2%. The buyer of the community was not disclosed.


“As a key component of our value enhancing strategies, we are constantly evaluating our entire asset base to ensure all our properties are generating strong and stable returns for our unitholders,” said CAPREIT CEO Mark Kenney in a statement announcing the property sale. Kenney added that he believed the REIT had achieved the maximum value for the asset.


In its June 2020 investor presentation, Kenney showed the company’s multifamily asset diversification as comprised of 90% value-add properties, 5% new construction, and 5% manufactured homes.


The company is growing its portfolio with more newly-built communities to modernize while adding manufactured homes for stability. 


www.costar.com

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