FOR SALE - Colliers International

LE
AS
ED
!
50
%
OV
ER
Fully Constructed
Multifamily Building
FOR SALE
NEVADA PLACE APARTMENTS
30 Nevada Place, St. Albert
AMIT GROVER
VICE PRESIDENT
780 969 3006
[email protected]
JANDIP DEOL
ASSOCIATE
780 969 3043
[email protected]
JAMIE PATERSON
CLIENT PROJECT COORDINATOR
780 917 4153
[email protected]
Nevada Place is being built in the exciting neighborhood
of Northridge. 173 units are currently under construction
and will offer luxury living in the city of St. Albert. The
overall appeal of the surrounding area will only continue
to improve as a proposed commercial development and
natural park maturation carries forward. The Property is
situated in a developing neighborhood that will drive the
area, leading to very low vacancy levels and impressive
rental rate growth. The Property site provides great
access to major commuter routes into all neighboring
regions, including the City of Edmonton. Combined with
the excellent transportation network in the immediate
vicinity and the maturation of St. Albert’s landscape,
Nevada Place’s location is ideal.
The Property is located in the developing neighbourhood of Northridge in St. Albert. Northridge is a newer neighbourhood
in the area, consisting mostly of single and multi-family housing. Surrounding the development is well landscaped and
complemented by a large water feature. Parks and a walkway system connect nearby residential areas to schools, parks,
and many commercial amenities. Immediate access to Giroux Road, which connects to Ray Gibbons Drive, provides a close
proximity to the Anthony Henday Drive (ring road around Edmonton).
Planning is currently in place for a shopping centre development along Giroux Road.
The City of St. Albert has seen relatively little apartment development over the past decade – existing rental inventory is older,
creating a demand for new product.
>> Excellent access to the neighbourhood with proximity to Anthony Henday Drive
>> Situated in the Edmonton Capital Region (2nd largest City in the region)
>> Northridge neighbourhood is an up and coming suburban residential area that young adults are calling home
>> Numerous floor plans provide potential tenants with a wide variety of suite options
>> Each unit features six appliances, a balcony or patio and surface parking stall
>> Open design floor plans from 716 SF to 996 SF
>> Layout of suites is efficient and functional, with ample closet and storage space provided
>> Large windows provide lots of natural light into the suites
>> Balconies are a generous size for outdoor summer living
>> Very attractive curb appeal
>> Three small buildings (under 60 units each) for intimate living
>> Exercise room with three pieces of equipment in each building
>> Security cameras throughout parking areas and main floor corridors for safety
>> Window coverings for consistent look throughout the development

N
Colliers Multifamily Team has been retained by the Vendor on an
exclusive basis, co-brokered with Jones Lang LaSalle – Multifamily
Team, to arrange for the forward sale of the Nevada Place Apartments.
Nevada Place Apartments:
30 Nevada Place, St. Albert, AB
173 Rental Units developed by Abbey Lane Homes
The buildings will offer a combined total of 173 residential units. The
offering presents a rare opportunity for Prospective Purchasers to
acquire a project that is currently under construction, strategically
located in St. Albert.
List Price: $40,848,000
Prospective Purchasers are requested to submit offers to:
Colliers International
3555 Manulife Place, 10180 - 101 Street
Edmonton, AB T5J 3S4
Tel +1 780 420 1585
Attn: Amit Grover ([email protected])
Municipal
Address:
Legal
Description:
Zoning:
Parking:
Construction:
30 Nevada Place, St. Albert,
Alberta
Plan 1122923, Block 4, Lot 5
R3A- Low Rise
Apartments
52 Underground
216 Surface Stalls
4-Storey Wood
Frame
FINANCIAL ANALYSIS
Layout
# Of Unit Layouts
Bedrooms
Bathrooms
Den
SF
Estimated Rent
A
3
1
1
Yes
716
$1,250
A1
2
1
1
612
$1,080
B
110
2
1
913
$1,473
B1
10
2
1
Yes
912
$1,490
C
32
2
2
Yes
957
$1,580
C1
16
2
2
Yes
996
$1,580
173
Revenue
Monthly Rental Revenue
Total Yearly Revenue
Vacancy Loss (3%)
Parking Revenue @ $80 per stall/month
Gross Revenue After Vacancy Loss
$258,380.00
$3,211,680.00
$96,350.40
$107,520.00
$3,115,329.60
Projected Expenses
Management Fee (3.1%)
$96,566.00
Caretaker ($30/unit/month)
$62,280.00
Utilities ($1,200/unit/year)
$207,600.00
Insurance ($200/unit/year)
$34,600.00
Repairs & Maintenance ($700/unit/year)
$121,100.00
Elevator Maintenance ($55/unit/year)
$9,515.00
Taxes (Estimated @ $2000/unit/year)
$346,000.00
Miscellaneous/Advertising ($120/unit/year)
Total Expenses ($5,185/unit/year)
NET INCOME
$20,760.00
$898,421.00
$2,216,908.60
BUILDING SPECIFICATIONS
Building 1 – 30 Nevada Place
4-storeys wood frame construction
59 units, slab on grade main floor
Building 2 – 32 Nevada Place
4-storeys wood frame construction over 52 stall underground parkade
55 units, structural slab main floor
Building 3 – 34 Nevada Place
4-storeys wood frame construction
59 units, slab on grade main floor
Foundations: Cast in place concrete parkade, Building 2. Concrete belled piles and grade beam, Buildings 1 & 3. Reinforced
concrete main floor slab.
Structure: 2x6 exterior walls with R20 batt insulation and 6 mil poly vapour barrier. Engineered floor and roof trusses.
Masonry elevator shaft. Energy efficient dual pane, low-e, PVC windows. Premium vinyl siding and cultured stone exterior
accents. Vinyl siding and prefinished metal trim. 30 year asphalt shingles.
Interior Construction: Double 2x4 party walls each R12 batt insulation and 2 layers 5/8” gypsum board one side and sound
bar and single 5/8” gypsum board on the other. Corridor walls staggered 2x4 on 2x6 plates. Sound bar and 5/8” gypsum
board one side and 5/8” gypsum board on the side with batt insulation in the cavity. Floor assembly has 1 1/2 “ gypcrete with
22” deep floor trusses (Bldg 2 has 16” deep floor trusses) full depth blown in fibreglass insulation, sound bar and 2-layers
5/8” gypsum board. Generous concrete decks and balconies finished with vinyl deck covering on 2nd, 3rd & 4th floors. Heat
recovery ventilator (HRV) in all suites.
Common Areas: Carpet tile in corridors. Porcelain tile in entry lobby. Central mail box area. Exercise room with three pieces of
equipment in each Building. Office for building manager. Janitor’s room in each building. Holeless hydraulic elevator serving
all floors. Common gas fired hot water heating. Central boiler with baseboard radiation throughout. Paved exterior parking
with car plugs, 4” asphalt over 12” granular base in traffic lanes and 3” asphalt over 10” of granular base in parking stalls. 52
stall underground parkade below Building 2. Well lit, heated and ventilated. Covered garbage bin area. Well lit exterior parking
and walkway areas. Security cameras throughout parking areas and main floor corridors.
BUILDING SPECIFICATIONS
Elegant Living Features:
Contemporary Kitchens:
>> Open design floor plans 612 to 996 SF
>> Pantry with shelves (select units)
>> Abundance of large double glazed low-e vinyl windows
>> Double stainless steel sink c/w single lever faucet and
garburator rough in
>> Generous sized balcony with maintenance free deck
surface and exterior lighting
>> Suite entry door c/w wide angle viewer, Weiser dead
bolt and level handle Weiser door hardware.
>> Main floor suites c/w rough-in for future security
system.
>> High speed internet wiring. Telephone in kitchen,
bedrooms and media (flex) room
>> Cable in living room, bedroom(s), and media (flex) room
>> Brushed chrome light fixture package
>> Wall paint colour/sheen: GP CL2741W Biscotti –
Eggshell
>> Doors, base & casings colour/sheen: White - semi-gloss
>> Interior finishes include: 2 panel Classique textured
doors, 3-1/4” Base, 2-1/4” Casing
>> 6.5mm PVC plank flooring c/w 2mm sound attenuation
in living, dining, kitchen & bedrooms
>> Porcelain tile in bathrooms, laundry & suite entrances
>> Tiled backsplash
>> Venetian Gold - Granite kitchen countertops
>> Stained Birch Cabinets
Appliances:
>> Modern black frost free refrigerator
>> Black 30” easy clean stove with ceran top
>> Black space saver microwave oven c/w hood fan
>> Black built-in quiet 4 button dishwasher
>> In suite laundry room with full size stacking washer and
dryer (white)
Common Area Features:
>> 24/7 Video Camera security surveillance - main floor
entrance doors, common areas, elevator cab and most
of the parking lot
>> Convenient elevator to all floors
>> Individual intercom system to main entrance door
>> Central in-building secure mail
>> Suites c/w individually controlled (HRV) Heat Recovery
Ventilator
>> Equipped fitness - amenity room
>> Corridor side of suite door detailing include:
>> Window coverings
>> Fluted casing, architectural header and plinth blocks
Main/Ensuite Bathrooms:
>> Corridor halls finished with 5-1/4” baseboards, 2 tone
paint, commercial carpet
>> Bathtub with surround c/w single level tub/shower
>> Tiled main entry foyer
faucet and a shower rod
>> Venetian Gold - Granite countertop
>> White enamel basin c/w single level faucet
>> Medicine Cabinet in ensuite
>> White Ceramic tile finish from tub/shower surround to
ceiling
>> Ensuite shower c/w sliding glass doors
>> Fire suppression sprinklers
>> Air conditioned and pressurized hallways
MARKET OVERVIEW: ST. ALBERT & EDMONTON
St. Albert is located adjacent to north Edmonton. With 156, 170 Street and 184 streets, St. Albert is just a ten-minute drive
to west Edmonton. Edmonton’s downtown core is 20 minutes from St. Albert via St. Albert Trail and Yellowhead Highway
(Highway 16). Access to the Northern Alberta Institute of Technology (N.A.I.T.), and the University of Alberta is also convenient
from the Yellowhead Highway and Groat Road.
Today, St. Albert is a bustling city with nearly 62,000 residents. With more than 70 kilometres of trails, 1,000 acres of green
space, the Arden Theatre, the visual arts studios, the Musée Héritage Museum and numerous special events, it’s easy to see
why St. Albert is renowned for its rich heritage, artistic community and natural environment.
Private Apartment Vacancy Rates (%) by Zone and Bedroom Type
Edmonton CMA
Zone
Bachelor
Oct - 12
One Bedroom
Two Bedroom
Three Bedroom
Oct - 13 Oct - 12 Oct - 13 Oct - 12 Oct - 13 Oct - 12
Total
Oct - 13
Oct - 12 Oct - 13
St. Albert
-
-
3.0
1.2
0.3
1.3
0.0
0.7
0.9
1.2
Edmonton CMA
1.4
1.5
2.0
1.6
1.4
1.3
1.1
1.2
1.7
1.4
Private Apartment Average Rents ($) by Zone and Bedroom Type
Edmonton CMA
Zone
Bachelor
Oct - 12
One Bedroom
Two Bedroom
Three Bedroom
Oct - 13 Oct - 12 Oct - 13 Oct - 12 Oct - 13 Oct - 12
Total
Oct - 13
Oct - 12 Oct - 13
St. Albert
-
-
941
953
1,087
1,190
1,230
1,293
1,080
1,158
Edmonton CMA
742
784
882
934
1,071
1,141
1,216
1,292
965
1,028
Private Apartment Availability Rates ($) by Zone and Bedroom Type
Edmonton CMA
Zone
Bachelor
Oct - 12
One Bedroom
Two Bedroom
Three Bedroom
Oct - 13 Oct - 12 Oct - 13 Oct - 12 Oct - 13 Oct - 12
Total
Oct - 13
Oct - 12 Oct - 13
St. Albert
-
-
3.0
1.2
0.5
2.6
0.7
0.7
1.2
2.0
Edmonton CMA
1.8
3.1
2.5
2.6
2.1
2.5
2.1
2.2
2.3
2.5
Edmonton is located in the geographic centre of the Province of Alberta and is the provincial capital. As the major economic
centre for Northern and Central Alberta, Edmonton has effectively positioned itself as the gateway to the resource rich North.
Alberta is currently experiencing a resurgence in economic activity which has escalated business optimism throughout the
province. With large corporations deploying money into the development of multiple resource projects, it is expected to expand
Edmonton’s economy.
“A strengthening economy, especially in the energy sector, has improved labour market conditions in both CMAs (Edmonton
& Calgary).” –CMHC
Source: CMHC Rental Market Report 2013 & St. Albert Community Reporting
BELLEROSE
COMPOSITE HIGH
SCHOOL
ST. ALBERT CENTRE
(SHOPPING & DINING)
NEVADA PLACE
LACOMBE DOG
PARK
PLANNED GROCERY
ANCHORED RETAIL
CENTRE
ENJOY CENTRE
N
CONTACT US
AMIT GROVER
VICE PRESIDENT
780 969 3006
[email protected]
JANDIP DEOL
ASSOCIATE
780 969 3043
[email protected]
JAMIE PATERSON
CLIENT PROJECT COORDINATOR
780 917 4153
[email protected]
Co-listed with Jones Lang LaSalle – National Multi-Residential Investment Team
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as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and
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copyrighted property of Colliers International and/or its licensor(s). © 2014. All rights reserved. Colliers Macaulay Nicolls Brokerage
Inc. is the Alberta registered brokerage name of Colliers International. 140903
COLLIERS MACAULAY NICOLLS INC.
3555 Manulife Place, 10180 - 101 Street
Edmonton, AB T5J 3S4
Main 780 420 1585
www.collierscanada.com