FORT ST. JOHN, B.C. – Yorkton Equity Group announced Wednesday that it had acquired Canterbury Estates and Midtown Apartments.
The transaction of Canterbury Estates, a 21-unit townhouse project located at 8408 92 Avenue, and Midtown Apartment, a 12-unit apartment located at 9827 97 Avenue, is scheduled to close on or about January 31, 2022. The company removed all buyer conditions on two properties.
“Further to our successful closing of our acquisitions in Kelowna, Langford (Victoria), and Penticton British Columbia, we are continuing with our acquisitions in the Fort St. John area consistent with our secure, aggressive growth business model,” said Ben Lui, Yorkton President and CEO, in a statement.
The Group noted that they had “completed extensive research on the Fort St. John multi-family rental market,” determining it had significant upside potential based on the strong population in-migration and job market growth.
“Both properties are in good condition, close to full occupancy, and are excellent cashflow properties with an attractive spread between the mortgage rates and capitalization rates, which are exactly in line with our business model of building a growing portfolio of cash flowing multi-family rental assets with significant upside potential in strategic markets.”
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