Investment Highlights
- Converting ~415,000 SF of office space into ~418 apartments for rent and 20,000+ SF of amenities
- Preliminary plans to design up to 105 units (or 25% of the project) as affordable units to qualify under the CMHC MLI Select program
- Capital Raise Target: $30M*
- $75 PSF City of Calgary grant secured for the project ($31.2M)
- Purchase price for land and building ~$55psf
- Value-add conversion targeting a sale in approximately 4 years
- Development Plan submitted to City (October 2023)
- No planning / permitting risk as conversion is municipally approved
- Calgary fundaments are strong: Calgary has recently experienced the strongest net positive migration in the country, vacancy rates approaching historic lows, and rents have been moving higher
- Anticipated first occupancy to be in 18-24mths and estimating 27 months for construction
- Upon pre-leasing, proforma rents are assumed to be approximately 10% less than its direct competitive set