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Yorkton Equity Group Inc. Successfully Closes the Acquisition of The Dwell, a 188-Unit Luxury Multi-Family Residential Complex
(TheNewswire) Edmonton, AB - TheNewswire - February 28, 2023 - Yorkton ...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Successfully Closes the Acquisition of The Dwell, a 188-Unit Luxury Multi-Family Residential Complex\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 \n \n \n \n \n \n Edmonton,\n \n \n AB\n \n \n -\n \n \n TheNewswire -\n \n \n February 28, 2023 -\n \n \n Yorkton Equity Group Inc. (“\n \n \n Yorkton\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n \n \n (TSXV:YEG)\n \n \n is very pleased to announce the successful closing of the\nacquisition of the “The Dwell”, a  one hundred and eighty-eight\n(188) unit multi-family residential complex, with construction\ncompleted in 2022, comprising of two luxury condominium grade\nbuildings situated on approximately 3.31 acres of land located in the\nSchonsee neighborhood at 5530 and 5538 Schonsee Drive NW, Edmonton,\nAlberta (the “Property”).  This acquisition, previously announced\non January 23, 2023 and updated on February 6, 2023, was successfully\ncompleted on February 27, 2023 for a purchase price of $41,736,000\nwhich has been funded by a combination of a cash down payment, using\nthe Company’s unencumbered cash reserve, and a Canada Mortgage and\nHousing Corporation (“CMHC”) insured mortgage.\n \n \n \n This recently constructed property is expected to have low operating\ncosts, and it has already achieved 100% occupancy with a projected\ntotal annual revenue of approximately $3.4 million or an annual Net\nOperating Income (NOI) of about $2.1 million based on the current rent\nroll and market vacancy rates, as well as a capitalization rate of\napproximately 5% based on the purchase price, with a strong potential\nto grow in the coming years.\n \n \n Mr. Ben Lui, President and CEO of Yorkton commented that, “Upon\nclosing the acquisition of The Dwell, I am very excited to see\nYorkton’s rapid growth and commitment to the strategic expansion of\nits multi-family rental portfolio. This beautiful, luxury, condominium\ngrade residential complex is the initial acquisition in our expanded\ninvestment strategy which includes luxury rental properties tailored\nto more affluent renters.  With the current low vacancy rates and a\nstrong residential rental market due to many favorable economic\nmetrics, our portfolio is expected t...