Business
Yorkton Equity Group Inc. Announces Additional Acquisitions in British Columbia
(TheNewswire) Edmonton, Alberta - TheNewswire – December 22 nd ...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces Additional Acquisitions in British Columbia\n \n \n (TheNewswire)\n \n \n \n Edmonton, Alberta -\n \n \n TheNewswire\n \n \n –\nDecember 22\n \n \n nd\n \n \n , 2021 – Yorkton Equity Group Inc. (“YEG”, the\n“Company” or “Yorkton”) (TSXV:YEG) is pleased to announce that\nafter completing a thorough due diligence and evaluation process, the\nCompany has removed all buyer conditions on two properties with\nrespect to the acquisition of a 21 unit townhouse project, Canterbury\nEstates, located at 8408 92 Avenue, Fort St. John, British Columbia,\nand a 12-unit apartment building, Midtown Apartments, located at 9827\n97 Avenue, Fort St. John, British Columbia. Both of these properties\nare located in strategic locations near major shopping centers and all\ncity amenities.\n \n \n \n \n Canterbury Estates\n \n \n \n \n There are 5 buildings comprising of 21 freehold strata\nunits situated on 1.39 acres of land zoned RM-1. Built in 2020, each\nunit is a 2-storey townhome with 3 bedrooms and 2 bathrooms, and with\nan attached front drive single garage, in-suite laundry, forced air\nfurnaces and hot water tanks. Tenants are responsible for utilities as\nthe units are individually metered. With the low operating costs,\nhistorically low vacancy in the property, the asset is expected to\nyield a capitalization rate of approximately 6.4%. Conventional\nfinancing has been approved at an interest rate of approximately 3%\nper annum. Upon closing of the acquisition, the Company may consider\nplacing long-term CMHC mortgage financing at a lower interest rate on\nthe property. The transaction is scheduled to close on or about\nJanuary 31, 2022 with Yorkton’s unencumbered cash reserve fund.\nDetailed terms of the purchase will be released after closing.\n \n \n \n \n Midtown Apartments\n \n \n \n \n This is a 12-unit apartment with a suite mix of 6\ntwo-bedroom, 5 one-bedroom and 1 bachelor suites. Built in 1979, this\n3-level low rise is situated on a 12,000 square feet of land zoned\nRM-2 for medium to high density. The asset is expected to yield a\ncapitalization rate of approximately 7%. Conventional financing has\nbeen approved at an interest rate of approximately 3% per annum. Upon\nclosing of the acquisition, the Company may consider placing l...