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Fort McMurray 160-unit multi-family rental sells for $22 million

Lanesborough REIT, which is “experiencing financial hardship,” according to the company, sold the property to a company insider under a long closing with custom financing
Lanesborough Real Estate Investment Trust, Winnipeg, Manitoba
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Lanesborough Real Estate Investment Trust, Winnipeg, Manitoba

Type of property: Multi-family rental

Location: 350 Parsons Creek Drive, Fort McMurray, Alberta

Number of units: 160 (most fully furnished)

Price: $22 million

Terms: $20,000 down; assumption of mortgage; balance at closing.

Closing date: May 1, 2024

Seller: Lanesborough Real Estate Investment Trust, Winnipeg, Manitoba

Buyer: 7254751 Manitoba Ltd., Winnipeg, Manitoba.