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Yorkton Equity Group Inc. Announces Acquisition of a 188 unit multi-family apartment complex in Edmonton, Alberta
(TheNewswire) Edmonton, AB - TheNewswire - January 23, 2023 - Yorkton Equ...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces Acquisition of a 188 unit multi-family apartment complex in Edmonton, Alberta\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Edmonton,\n \n \n AB - TheNewswire -\n \n \n January 23,\n \n \n 2023\n \n \n -\n \n Yorkton Equity Group Inc. (“Yorkton” or the\n“Company”)\n \n (TSXV:YEG)\n \n is\npleased to announce the Company has entered into a purchase sale\nagreement dated December 2, 2022 (the “PSA”) and has also executed\na commitment letter with one of Canada’s leading commercial real\nestate capital and mortgage firms for CMHC insured financing to\nacquire a very recently constructed one hundred and eighty-eight (188)\nunit multi-family apartment complex comprising of two luxury\ncondominium grade buildings situated on an approximately 3.31 acre of\nland located at 5530 and 5538 Schonsee Drive NW, Edmonton, Alberta\n(the “Property”) which had a listing price of $42,488,000.\n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n The Property is comprised of thirty-two (32) units of one bedroom with\none bathroom, nine (9) units of one bedroom plus den with one\nbathroom, one hundred and forty-three (143) units of two bedroom with\ntwo bathrooms, and four (4) units of three bedroom with two bathrooms,\ntogether with one hundred and ninety-one (191) heated underground\nparking stalls and seventy-three (73) surface parking stalls. Each\nbuilding is equipped with two (2) elevators serving all floors.  The\nProperty also includes amenities such as air conditioning in select\nunits, a social room for entertaining, two pet wash stations, a\nbicycle storage room, and a fitness center. Construction of the\nbuildings was completed with tenant occupancy commencing in early\n2022, and currently the buildings have achieved 100% occupancy.\n \n \n Under the terms of the PSA, the Company has sixty (60) days from the\nexecution of the formal agreement to waive or satisfy all conditions\nin relation to the transaction, which includes obtaining internal\napprovals, satisfying itself of the status of and title to the\nProperty, and obtaining the necessary financing to complete the\ntransaction.  The closing of the transaction is scheduled t...