Yorkton Equity Group has acquired the Fuse multi-family complex in Edmonton for $25.6 million.

The Edmonton-based company purchased the 125-unit rental property in the third quarter of 2023. The property stretches from 2105 to 2109 68 Street S.W. in the Summerside neighbourhood.

Yorkton said in its third quarter report that the acquisition was financed with a $24.4-million mortgage with a fixed 4% annual interest rate from the Canada Mortgage and Housing Corporation. As a condition on the mortgage payable, Yorkton must maintain at least 80% of the suites as “affordable units” as defined by CMHC.

The federal housing corporation defines an affordable unit one that does not exceed 30% of gross annual household income.

Yorkton acquired the Fuse after purchasing the 188-unit Dwell apartment complex in Edmonton for $47.1 million in February. The company said it holds 393 units (the total in the Fuse and Dwell) and 28,036 square feet of commercial space.

The total portfolio is valued at $96.73 million, a 71.7% year-over-year increase from the third quarter of 2022.

Photo: Yorkton Equity Group