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NexLiving Announces Acquisition of a 40-Suite Building in Strathroy, Ontario
NexLiving Announces Acquisition of a 40-Suite Building in Strathroy, Ontario Ca...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Announces Acquisition of a 40-Suite Building in Strathroy, Ontario\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n HALIFAX, NS\n \n \n ,\n \n \n Aug. 10, 2022\n \n \n /CNW/ - NexLiving Communities Inc. (TSXV: NXLV) (\"NexLiving\" or the \"Company\") announced today that it has acquired a 40-suite building in\n \n Strathroy, Ontario\n \n (\"294 Saulsbury\") for\n \n $9.4 million\n \n . The acquisition will be financed with a combination of cash on hand and a\n \n $7.9 million\n \n short-term debt facility, which will include a capital expenditure facility.\n \n \n \n \n \n \n \n \n \n 294 Saulsbury is a three-storey building situated on 1.44 acres of land in\n \n Strathroy\n \n , a bedroom community 30 km west of\n \n London, Ontario\n \n . The building was constructed in the 1960s and has recently undergone major refurbishment of large capital items, including windows, balconies and balcony doors. 294 Saulsbury is located steps away from Strathroy Middlesex General Hospital and is ideally situated in the heart of downtown\n \n Strathroy\n \n , within walking distance to shopping, grocery, transit and\n \n Alexandra Park\n \n . The Company plans to undertake a targeted value-add capital program to modernize and reposition the large 1- and 2-bedroom suites.\n \n \n \n Stavro Stathonikos\n \n , CEO & President of NexLiving commented: \"294 Saulsbury is our second value-add investment in the\n \n Ontario\n \n market, where we can achieve pro forma yields in excess of what is achievable by simply purchasing stabilized buildings. Once complete, the building will offer a premium rental opportunity to a growing number of 55+ residents looking for quality rental product in the\n \n Strathroy\n \n /\n \n West London\n \n market.\"\n \n \n NexLiving has more than tripled the size of its portfolio over the past 24 months. The Company expects to continue to build upon its successful acquisition track record and acquire an additional 500+ suites over the next year, with a focus in\n \n Ontario\n \n and\n \n Atla...