Prestigious Properties is proud to announce the acquisition of the largest apartment building in Kimberley, BC on May 27, 2021 for a true 6% CAP rate for $4.5M – with significant rental and value upside. The asset is a 57 suite, three storey building, with a concrete parkade, with an elevator and with predominately 2 and 3 BR units – all with balconies or a sizeable veranda, most with a splendid Rocky Mountain view. It will undergo significant renovations on the exterior and the interior as it looks a bit dated.
Kimberley is located in the SE corner of BC and has evolved from a somewhat backwards & remote mining town into a scenic & desirable four seasons resort and retirement town catering primarily to Albertans, with skiing, golfing, horseback riding, hiking, mountain biking, ATVing or fishing being favourite pastimes for the growing full- and part-time population. Kimberly is served well by a highway, only 40 min from the more commercial town of Cranbrook where Prestigious Properties already owns a sizeable mobile home park, and an international airport only 20 minutes away and is also know for its Bavarian themed downtown square called Platzl.
Like many growing BC towns, Kimberley has a shortage of affordable rental units so this building will serve at a prime example of improving the triple bottom line, namely a win for existing tenants through upgrades, a win for the community through renovated units on tenant turnover and a win for investors that co-own this building.
Stay tuned for a soon to be announced co-ownership of a syndication group out of Vancouver that will co-own this asset with the PrestProp investors in Kings Castle LP.
Thomas Beyer, President
Prestigious Properties Group
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