Business
NexLiving Communities announces update to previously announced 150-unit Mountain Road acquisition
NexLiving Communities announces update to previously announced 150-unit Mountain Road acquisition...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Communities announces update to previously announced 150-unit Mountain Road acquisition\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 Feb. 21, 2023\n \n \n /CNW/ - (TSXV: NXLV) – NexLiving Communities Inc. (\"NexLiving\" or the \"Company\") announced today that its anticipated acquisition of a 100% interest in Northpoint Management Inc. from Sheaco Holdings Inc. is on track to close on or before\n \n February 28, 2023\n \n .\n \n \n \n \n \n \n \n \n \n Northpoint's key assets are two newly built multi-family buildings comprising 75 units each located at 2251 Mountain Road and 2261 Mountain Road,\n \n Moncton NB\n \n . As of the date of this release, 148 out of the 150 units have been leased, which implies 99% average occupancy for the two properties. The Company previously announced its intention to acquire these buildings on\n \n November 4, 2021\n \n , and announced on\n \n December 5, 2022\n \n that the amended purchase agreement had been executed.\n \n \n The Company has received conditional approval from the TSX Venture Exchange for the acquisition and is expected to fulfil the remaining conditions precedent to the acquisition prior to closing.\n \n \n \n About the Company\n \n \n \n NexLiving continues to execute its plans to acquire recently built or refurbished, highly leased multiresidential properties in bedroom communities in\n \n Atlantic Canada\n \n . The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service, quality and convenience has led to the emergence of the 55+ active living segment. Apartments are their next \"home\", after years of owning they look forward to the carefree lifestyle provided through renting in a community of their peers. NexLiving intends to consolidate this emerging market niche. For its recently acquired properties in\n \n Ontario\n ...