Hillcrest Ridge
Calgary, AB
The Offering
Hillcrest Ridge (hereinafter, the “Property”) presents investors the rare opportunity to acquire 44 suites in a six-storey, concrete rental asset excellently located in inner South West Calgary in the sought-after community of Bankview. The Property is located blocks away from Calgary’s trendy Beltline district and 17th Avenue, offering an abundance of retail amenities, educational institutions, parks and public facilities. Numerous suites have been renovated and the Property has been well maintained. An investor will be able to realize immediate upside on the below marketin-place rents.
Marcus & Millichap has been exclusively selected to offer Hillcrest Ridge for sale. The Property is being offered with no list price. At this time, offers will be reviewed on as as-received basis.
Investment Highlights
○ TRUE URBAN LIVING & WALKABILITY: Located along 17th Avenue, one of Calgary’s busiest streets, residents benefit from Hillcrest Ridge’s access to compelling employment drivers, services, retail, educational institutions and entertainment in Central Calgary’s Downtown and Beltline Districts
○ LOW CAPITAL EXPOSURE: TThe Property has been institutionally managed and maintained with over $1,600,000 invested in suite and building improvements since 2018 including upgrades to windows & doors, balconies, exterior restoration, elevators and HVAC systems
○ ATTRACTIVE MARKET CONDITIONS & DEMOGRAPHICS: Bankview’s limited new rental supply and increasing demand has tightened vacancy in the area. Paired with Hillcrest Ridge’s 1km radius forecasted population growth of 10.9% over the next five years, Hillcrest Ridge is positioned to be an excellent investment opportunity with strong rent growth
○ STABILIZED REVENUE STREAM WITH RENT GROWTH OPPORTUNITY: HHillcrest Ridge is fully occupied, demonstrating a stabilized revenue stream with proven rent and occupancy thresholds. In-place rents are 15% below the Beltline market rents, offering an attractive potential upside for investors
○ YOUNG AFFLUENT DEMOGRAPHIC: Bankview neighbourhood is home to a young, educated and upwardly mobile population which predominantly lives in rental housing