Business
NexLiving Communities announces disposition of McLaughlin property for $19.4 million
NexLiving Communities announces disposition of McLaughlin property for $19.4 million Ca...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Communities announces disposition of McLaughlin property for $19.4 million\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 June 4, 2024\n \n \n /CNW/ - (TSXV: NXLV)\n \n –\n \n NexLiving Communities Inc. (\"NexLiving\" or the \"Company\") announced today the sale of its 127-suite property located at 145-155 McLaughlin Road in\n \n Moncton, New Brunswick\n \n ( \"McLaughlin\") for\n \n $19.4 million\n \n .\n \n \n \n \n \n \n \n \n \n The\n \n McLaughlin\n \n property consists of a 7-building complex located in east\n \n Moncton\n \n and constructed approximately 18 years ago. The buildings range in size from 2 to 4 storeys and 6 to 24 units and offer residents surface parking and is in close proximity to the Université de\n \n Moncton\n \n campus. The sale price of\n \n $19.4 million\n \n represents a 4.87% capitalization rate and is at a 5% premium to the property's IFRS fair value as of\n \n March 31, 2024\n \n . The asset disposition represents an attractive 40+% IRR on the Company's initial investment of\n \n $14.7 million\n \n made in 2020.\n \n \n NexLiving expects to receive approximately\n \n $4.7 million\n \n in cash proceeds, net of the current\n \n $14.7 million\n \n mortgage balance. These proceeds will enable the Company to reduce its indebtedness and will decrease the Company's Net Debt to Gross Book Value ratio by approximately 300 basis points.\n \n \n The transaction is expected to close on\n \n June 24, 2024\n \n .\n \n \n \n About the Company\n \n \n \n The Company continues to execute on its plan to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across\n \n Canada\n \n . The Company aims to deliver exceptional living experiences to our residents and provide comfortable, affordable housing solutions that cater to a wide range of demographics. The properties offer a range of modern and updated suites, with a variety of amenities and features that allow residents to experience a has...