- Firm Capital Property Trust (FCD.UN) has acquired two multi-residential properties comprised of 260 units for C$43.2 million
- The first property contains 132 units in three multi-residential buildings located in Lower Sackville, Nova Scotia
- The second property contains 128 units in two multi-residential buildings located in Edmonton, Alberta
- Both properties enjoy 98 per cent occupancy rates
- The company is purchasing the properties with new mortgages at 2.5 per cent
- The company expects to close on the properties during the second quarter of 2021
- Firm Capital is focused on owning and co-owning a diversified real estate portfolio
- Firm Capital Property Trust (FCD.UN) is up 0.61 per cent and is currently trading at $6.59 per share
Firm Capital Property Trust (FCD.UN) has acquired two multi-residential properties comprised of 260 units for C$43.2 million.
The first property contains 132 units in three multi-residential buildings located in Lower Sackville, Nova Scotia.
The second property contains 128 units in two multi-residential buildings located in Edmonton, Alberta.
Firm Capital is purchasing the Lower Sackville property for approximately $18.2 million or $137,879 per unit or $114 per square foot. Built in 1992-93, it has enjoyed 98 per cent occupancy rates or higher since 2018.
Located in downtown Halifax, the property is a short distance from schools, public transportation, shopping, restaurants and entertainment.
The company is financing the purchase with a new $13.7 million mortgage with a Canadian chartered bank set at 2.5 per cent over a five-year term and a 30-year amortization.
Firm Capital is acquiring the Edmonton property for approximately $25 million or $195,000 per unit or $180 per square foot.
It was built in 2012 in the South Edmonton neighbourhood of Summerside and also enjoys a 98 per cent occupancy rate.
Summerside is a highly sought-after neighbourhood that features several schools, medical clinics, religious centres, gyms, daycares and a variety of popular amenities.
Firm Capital is financing the Edmonton property with a new $17 million mortgage with a Canadian chartered bank set at 2.5 per cent over a five-year term and a 30-year amortization.
The company will own 70 per cent of both properties while private clients affiliated with members of senior management and the board of trustees will own the remaining 30 per cent in a side-by-side alignment of interests.
Firm Capital expects to close on the properties during the second quarter of 2021.
Firm Capital Property Trust is focused on owning and co-owning a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail and core service provider professional space.
Firm Capital Property Trust (FCD.UN) is up 0.61 per cent and is currently trading at $6.59 per share as of 11:41 am ET.