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! A whopping 78% increase!
$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
Question about the project?
Please fill out this quick form if you have any questions regarding the business or the project!