Maritimes
NexLiving to Sell Moncton MF Asset for $19.4M
NexLiving has agreed to sell a seven-building multi-family complex in Moncton, N.B., for $19.4 million to an unidentified buyer.
The 127-suite property is located at 145-155 McLaughlin Road near the Université de Moncton (University of Moncton) and was built approximately 18 years ago. The buildings range in size from two to four storeys and six to 24 units.
The sale price represents a 4.87% capitalization rate and is at a 5% premium to the property’s International Financial Reporting Standards (IFRS) fair value as of March 31, said Halifax-based NexLiving in a news release.
The disposition will provide an internal rate of return of more than 40% on the company’s initial $14.7-million investment made in 2020, NexLiving added.
The company expects to receive $4.7 million in cash proceeds, net of the current $14.7-million mortgage balance. The deal will decrease NexLiving’s net debt to gross book value by 300 basis points.
The transaction is slated to close on June 24.
NexLiving owns 1,166 units in New Brunswick and Ontario.
Pictured: NexLiving property at 155 McLaughlin Road in Moncton under sale
Photo: NexLiving
- ◦Lease
- ◦Sale/Acquisition
