Stony Place is a woodframe class-B multifamily apartment property in Edmonton, AB comprising of 44 spacious one and two bedroom units. The property was well-maintained by the previous owner, and more than half of the units had been recently renovated. Stony44/Ascendi Capital will upgrade the other units including repainting the building exterior; install energy efficient fixtures, smart proptech and upgrade community amenities that will optimize operational efficiency while improving tenants quality of living and community experience.
Why we like this assets:
Deal Story: This is a true off-market acquisition from a mom & pop owner. The property boast of more 95% occupancy rate year-on-year with long staying tenants. The property has discount to market rents of about 22% to 36% representing great upside especially as there is no rent control.
Location: Stony Place is conveniently located along Stony Plain road, Britannia Youngstown neighbourhood, next to Youngstown Elementary School, walking distance to Jasper Place Transit station and the future LRT Valley Line Jasper Place stop. Short distance from the Anthony Henday providing convenient access to numerous areas of the city, 4 minutes to Terra Losa Shopping Centre, and 2 minutes to Mayfield Common Shopping Centre
Business Plan: Stony44/Ascendi Capital is implementing renovation work program that deliver value all across. Repainting the exterior and curbs with new appealing colours; landscaping, car park regrading & restriping. Upgrade to LED lighting, replace broken plumbing fixtures, upgrade dated kitchen cabinets, and appliances to energy efficient ones. Add pet washing station, package lockers and new appealing signage. Install smart leak detectors including smart locks/keys, automatic thermostats in the units.
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