Business
Yorkton Equity Group Inc. Successfully Closes the Acquisition of The FUSE, a 125-Unit Multi-Family Residential Complex
(TheNewswire) Edmonton, Alberta – TheNewswire - October 18 th , ...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Successfully Closes the Acquisition of The FUSE, a 125-Unit 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, Alberta\n \n \n –\n \n \n TheNewswire -\n \n \n October 18\n \n \n th\n \n \n , 2023 – Yorkton Equity Group Inc.\n(TSXV:YEG) (“Yorkton” or the “Company”) is very pleased to\nannounce the successful closing of the acquisition of the “The\nFUSE”, a one hundred and twenty-five (125) unit condominium grade\nmulti-family residential complex that was constructed in 2015, and is\ncomprised of two buildings situated on approximately 2.67 acres of\nland located in the Summerside neighborhood with the municipal\naddresses of 2105 and 2109 68 Street SW, Edmonton, Alberta (the\n“Property”).  This acquisition, previously announced on October\n2\n \n \n nd\n \n \n ,\n2023, was successfully completed on October 17\n \n \n th\n \n \n , 2023 for a\npurchase price of $25,625,000 which has been funded by a combination\nof the Company’s cash for the down payment and a Canada Mortgage and\nHousing Corporation (“CMHC”) insured mortgage.\n \n \n \n The Property has an occupancy rate of 98.4% with a projected total\nannual revenue of approximately $2.0 million or an annual Net\nOperating Income (NOI) of about $1.22 million, as well as a\ncapitalization rate of approximately 4.78% based on the purchase\nprice. Yorkton believes that there will be a strong potential to grow\nthe NOI in the coming years.\n \n \n Mr. Ben Lui, President and CEO of Yorkton comments that, “I am\nexcited to report the closing of the acquisition of The FUSE, which\nrepresents yet another milestone in Yorkton’s ongoing rapid growth.\n Following on the recent acquisition of The Dwell, a 188-unit newly\nconstructed luxurious condo grade multi-family complex as previously\nreported on February 28\n \n th\n \n ,\n2023, Yorkton has increased its total number of residential units by\nmore than 150% and its total asset value by about 120% during 2023.\n With the current strong in-migration into Alberta, resulting in a\ntight residential rental market with low vacancy rates, Yorkton sees\nthis as a window of opportunity to continue our rapid g...