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ViveRE Communities Completes Acquisition of 3 Property, 95 Unit Portfolio in Moncton, NB
ViveRE Communities Completes Acquisition of 3 Property, 95 Unit Portfolio in Moncton, NB ...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n ViveRE Communities Completes Acquisition of 3 Property, 95 Unit Portfolio in Moncton, NB\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 HALIFAX, NS,\n \n Dec. 15, 2020\n \n /CNW/ -\n \n \n ViveRE Communities Inc. (TSXV: VCOM) (\"ViveRE\" or the \"Company\") announced today that it has completed the previously announced acquisition of a 100% interest in a three property multi-unit residential portfolio (the \"Properties\") comprised of 95 units in\n \n Moncton, New Brunswick\n \n . The Properties are located at 2380 Mountain Road (64 units), 27 Edmond Street (18 units) and 50 Maplewood Drive (13 units). With this acquisition ViveRE now owns 18 multi-unit residential properties across the Maritimes and\n \n Ontario\n \n totaling 486 rental units.\n \n \n \n \n \n \n \n \n \n ViveRE acquired the Properties for a purchase price of\n \n $15.3 million\n \n , subject to customary adjustments at closing. ViveRE has placed collateral mortgages on the Properties in the amount of\n \n $11.6M\n \n . The balance of the purchase price was paid in cash.\n \n \n ViveRE's CEO,\n \n Mike Anaka\n \n , commented \"The acquisition of these quality properties will be followed by the previously announced purchase of the 47 unit high quality, 55+ active living multi-family property located at 51 Noel Avenue in\n \n Saint John, New Brunswick\n \n later this month. Our portfolio will then comprise 19 buildings and over 530 units.\"\n \n \n \n About the Company\n \n \n \n ViveRE continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across\n \n 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 and convenience amenities has led to the emergence of the 55+ active living segment. Apartments are the next \"home\", after years of owning they look forward to the carefree lifestyle p...