Galen Lofts
Edmonton, AB
The Offering
Galen Lofts (the "Property") is a five-storey concrete, mixed-use asset comprised of 35 furnished one-bedroom Residential Suites and 3 Commercial Rental Units located in Central Edmonton's most sought-after community of Garneau, located directly across from the University of Alberta Hospital.
The asset showcases spacious one-bedroom suites with an average of 520 SF, as well as three commercial rental units ranging in size from 1,129-1,962 SF. Additionally, it boasts an income-producing parking lot, a prized amenity in the University area. Located in immediate proximity to the University of Alberta and Hospital, the Property offers quick access to the vast campus and excellent infrastructure including LRT transportation stops, theatres/auditoriums, fitness facilities, and a range of retail/dining destinations.
Galen Lofts offers an exceptional opportunity to acquire a professionally managed multi-use property that is strategically positioned to benefit from the forecasted upswing of the Edmonton housing market, driven by an influx of both international immigration and interprovincial migration.
Highlights
○ CULTURAL AND ENTERTAINMENT HUB: Renowned as a cultural hotspot, Whyte Avenue is a magnet for arts, entertainment, and cultural experiences. The presence of theatres, galleries, music venues, and regular events and festivals make it an attractive destination for those seeking creative and recreational pursuits.
○ ATTRACTIVE MARKET CONDITIONS & DEMOGRAPHICS: Garneau's limited new rental supply and increasing demand has tightened vacancy in the area. Since 2010, the CMHC defined University Zone has only had an increase of fewer than 600 rental suites, constituting less than 9% of the University's rental universe.
○ MIXED-USE BENEFITS: Comprised of 3 Commercial Rental Units and 35 One-Bedroom Residential Rental Units, in addition to an income-producing surface parking lot, the asset is well-positioned to cater to the diverse rental and consumer demand from the cross sections of students and professionals.
○ HIGHLY VISIBLE LOCATION: The Property occupies a site with high vehicular and pedestrian traffic with upwards of 26,000 vehicles passing by on annual weekday average, enhancing its investment potential.
