Price: $191,000,000
No. of Units: 694
Price/Unit: $275,216
Property Type: Mutli-family
City: Edmonton
Province: Alberta
Name of Brokerage: CBRE Edmonton
Name of Buyer: Timbercreek Asset Management
A recent $191-million multi-family sale in Edmonton’s Downtown East Side neighbourhood is a step in the right direction for Alberta’s economy.
The Edgewater on Jasper sale features two new concrete high-rise buildings and two wood frame, fully occupied low-rise complexes. The high-rises have a total of 418 units and are 26 and 30 storeys. The wood frame buildings are 4-storey complexes and have 276 units between them. The transaction is a possible indicator of economic turnaround in an otherwise slow multi-family market. CBRE Senior Vice President Bradley Gingerich reported the sale on behalf of the National Apartment Group.
The properties are located at 8508 and 8532 Jasper Ave., and 8515 - 106A Ave. in Edmonton.
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