Equiton has acquired a newly constructed, four-storey rental residential complex in Edmonton’s McConachie neighbourhood for an undisclosed price.

Burlington, Ont.-based Equiton purchased the property through the Residential Income Fund Trust (The Apartment Fund) that it controls.

Located at 17627 63 St. N.W., the property comprises 277 residential units with spacious, family-friendly layouts and upscale, condo-style amenities such as a rooftop patio with barbecue facilities, social areas, gym and yoga rooms, and a theatre.

This acquisition marks Equiton’s third property in Alberta and its ninth building purchase in 2024. The Apartment Fund’s total acquisitions for the year exceeded $275 million, excluding transactional costs, marking its most active year to date.

“It’s been a tremendous year for acquisitions, with the fund expanding at its fastest pace since inception,” said Jason Roque, CEO and Founder of Equiton. “Our new addition in Edmonton, along with all the other properties we’ve purchased, set us up for continued growth in 2025 as interest rates continue to fall.”

The Edmonton property offers residents easy access to greenspace, schools, public transit, and a variety of entertainment and recreational options. Alberta’s rapidly growing real estate market, which leads the country in rent growth while maintaining affordability compared to other major cities, continues to attract investors.

Ryan Donkers, vice-president of Investments at Equiton, highlighted the strategic timing of this year’s acquisitions.

“We’ve built a solid foundation with our disciplined approach to due diligence and sourcing financing,” said Ryan Donkers, vice-president of Investments at Equiton. “In 2024, we took advantage of less competition to add high-quality assets to the portfolio. I see 2025 as a year for continued growth and potentially expanding the Apartment Fund into other established markets in Western Canada.”

The Apartment Fund’s strategy involves a mix of property types to maximize value for investors. Stabilized properties like the Edmonton acquisition provide steady cash flow, while earlier acquisitions in Toronto and Welland, Ont., offer opportunities for organic growth through renovations and increased rental revenues, said Equiton

With the addition of the Edmonton complex, Equiton’s Apartment Fund now holds 42 properties across Ontario and Alberta, comprising a total of 3,740 units. Managed by Equiton Living, the fund focuses on acquiring and enhancing multi-residential properties, aiming for an annual net return of 8% to 12%.

Image: CNW Group/Equiton