Business
Yorkton Equity Group Inc. Announces the Successful Acquisition Closing of Two Multi-Family Properties in Fort St. John, British Columbia
(TheNewswire) Edmonton, Alberta – TheNewswire - February 1, 2022 – Yo...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces the Successful Acquisition Closing of Two Multi-Family Properties in Fort St. John, British Columbia\n \n \n (TheNewswire)\n \n \n Edmonton, Alberta –\n \n TheNewswire -\n \n February 1,\n2022 – Yorkton Equity Group Inc. (“Yorkton” or the\n“Company”) (TSXV:YEG) is pleased to announce that after completing\na thorough due diligence and evaluation process it has closed on the\npurchase of a portfolio comprised of two properties including a 21\nunit townhouse project, Canterbury Estates, and a 12-unit apartment\nbuilding, Midtown Apartments, which are both well situated in\nstrategic locations in Fort St. John, British Columbia. This\ntransaction, previously announced on December 22, 2021, was\nsuccessfully completed on January 31, 2022 for an aggregate total\nportfolio purchase price of $4,629,800.\n \n \n Ben Lui, President and CEO of Yorkton commented that, “We have\nrecently completed a number of successful acquisitions of multi-family\nrental properties in key markets in British Columbia, such as Kelowna,\nLangford (Metro Victoria) and Penticton.  With the successful closing\nof these two properties in Fort St. John, we are continuing our rapid\npace of expanding our property portfolio into the growing BC northern\nregion.”\n \n \n Fort St. John is a city located in northeastern British Columbia in\nthe Peace River Regional District, and it is the hub for natural gas\nextraction in northern BC that has one of the largest reserves of\nnatural gas in the world and is the principal long-term beneficiary of\nthe $40 billion LNG Canada liquefied natural gas (LNG) project which\nis now under construction. The Company has completed extensive\nresearch on the Fort St. John multi-family rental market and has\ndetermined it to be a market with significant upside potential based\non strong population in-migration and job market growth, consistent\nwith our business model for property acquisitions. Fort St. John is\nthe second-largest city in northern B.C. and has a diversified economy\nwith oil and gas, forestry, agriculture, manufacturing, and mining\noperations. Known as the “energetic city”, Fort St. John has a\nyoung and vibrant population with a median age of 31 years, and boasts\nthe highest average household income in all...