Firm Capital Property Trust has announced two independent acquisitions in Nova Scotia and in Alberta, with a collective value of $43.2 million.
The company reported that it had acquired 132 units in three multi-residential buildings located in Lower Sackville, Nova Scotia, for approximately $18.2 million.
Located in proximity to downtown Halifax, the Nova Scotia property is situated close “to the Trust’s existing multi-residential properties located in Dartmouth.” Boasting a strong 98% occupancy rate or higher since 2018, the acquisition is being financed with a new $13.7 million mortgage, the company said.
Firm Capital also acquired 128 units in two multi-residential buildings located in Edmonton, Alberta, for approximately $25 million.
Described as a “Class A asset” situated in the Summerside neighbourhood of South Edmonton, the property has a similarly strong 98% occupancy rate “and is being purchased for approximately $195,000 per unit or $180 per square foot.” The company added that it is being financed with a new $17 million mortgage.
Per the terms of the acquisitions, Firm Capital will own 70% of both properties, while the remainder will be under “private clients affiliated with certain members of senior management and the board of trustees of the Trust.”
The transactions are expected to close during Q2 2021, “and are expected to be immediately accretive to AFFO,” Firm Capital said.