7180 Park Avenue, Red Deer, Alberta
Exceptional Real Estate Investment Opportunity This exceptional opportunity is located at 7180 Parke Avenue in Red Deer, Alberta. Red Deer is a thriving community of 100,000 located two hours from 80% of Alberta’s population. The present economic downturn has provided an excellent buying opportunity for a distressed asset we can renovate and reposition quickly. This 48 suiter with a PREMIUM suite mix in a good rental area, requiring cosmetic upgrades represents significant upside potential in a short 24 to 36-month period. Comparable sales for the year for buildings are over $100,000 per unit, and two years ago they were selling for $115,000 per unit. Red Deer is a major industrial and commercial hub, with the economy slowly rebounding in 2017. We have scooped this asset for only $63,000 per unit.
Sold for: Substantial - Please contact
Purchased December 2017 for $3,024,000 with a $2,740,000 VTB (90% for 3 years)
Altyn Equities invested $200,000 and co-managed the venture
Property was refinanced in September 2018 for $5,380,000, 8 months later!
Approximately $1,000,000 invested for a value lift of over $2,350,000.
Substantial Value increase in a short time frame by upgrading and raising rents accordingly.
What is exceptional about this deal?- Ultra Low purchase price of $63,000 per unit given good rental location
- Family building in a quiet, residential neighborhood close to bus and amenities
- Unbelievable Vendor Financing. 90% LTV, interest only for 36 months!
- All projects sold recently in Red Deer are $100,000 per unit and over
- Excellent suite mix with 34 two BR, 12 three BR, and only 2 one BR
- Massive opportunity to raise rents quickly by fixing and raising rents
- Property manager is currently managing 5 buildings with 5% vacancy
- Boardwalk has a building on the same block, with rents of $1049 renovated.
- The upside potential for Red Deer is tremendous, large population growth expected
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