EDMONTON, Alberta, Feb. 13, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the opportunity to purchase Edmonton House, a 46-storey residential tower with an 11-story parking garage, 328 well-appointed residential suites, 330 above-grade parking stalls and 900 square feet of fully occupied main floor retail in Edmonton, Alberta. The price is open bid.
“Edmonton is projected to outpace most other metros in household growth during the next five years as more families and young professionals move to the city,” said Bradley Gingerich, IPA senior managing director. IPA’s Gingerich, Paul Chaput, senior vice president, Bradyn Arth, senior vice president, and Jane Woertman are representing the seller, Maclab Properties Group. “Maclab is a best-in-class residential manager that not only built Edmonton House but has operated it with pride for the last 50 years,” added Chaput. “Extensively upgraded in 2015, the tower is a unique and highly visible trophy asset that is sure to attract a great deal of attention from the multifamily investment community.”
The property is centrally located in Downtown Edmonton on the southeast corner of 102nd Street and 100th Avenue. The location gives residents walking distance access to the government, central business, and ICE districts. Jasper Avenue and 104th Street, two of Edmonton’s most vibrant main streets are nearby and Edmonton’s Light Rail Transit (LRT) Bay/Enterprise Square Station is two-tenths of a mile away. Both MacEwan University and the University of Alberta are within a few stops of Edmonton House via the LRT.
“This property outperforms all of its competition,” commented Arth. “Its central location in Edmonton’s financial core and extensive onsite amenities have kept historical vacancy below 3%.” Edmonton House has unencumbered views of Edmonton’s vast river valley and dynamic skyline, offices on floors 3, 34 and 35 that can be converted to more residential suites, and market-leading tenant amenities, including a social lounge, a fitness facility with an indoor pool, a yoga studio and ample outdoor patio space. Residential units offer condominium-quality finishes and expansive windows.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.