Apartment tower fetches $25M
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Hey there, time traveller!
This article was published 07/03/2011 (5435 days ago), so information in it may no longer be current.
A seven-storey apartment block in south St. Boniface has been sold to a group of local investors for more than $25 million.
The property’s listing agent — Trevor Clay of CB Richard Ellis Manitoba — said they received 11 bids for the block, which is called Niakwa Park Plaza, at Archibald Street and Fermor Avenue.
“We had a very competitive bidding process and in the end we picked the group with the highest bid.”
He said the 44-year-old, 216-unit complex was built and managed by Winnipeg’s Rothstein family. He said the third-generation family members decided to sell it because they’re nearing retirement age and there’s a good demand for investment properties in Winnipeg.
All but one of the bids came from local investment groups. Clay said several other out-of-province investors also looked at the property, but shied away from submitting a bid because they weren’t familiar with the provincial rent control system or how it works.
The successful bidder, on the other hand, owns several other rental properties in the city and knows the system, he said.
The building’s owners opted to take bids on the property rather than set an asking price. Clay said they expected to get a good response, but were still surprised at how strong some of the offers were.
“This is definitely a very large deal for a single asset.”
murray.mcneill@freepress.mb.ca