Residential news in Strathroy as recently announced, NexLiving Communities Inc. has acquired a 40-suite building in Strathroy, at 294 Saulsbury better known as Saulsbury Villa for $9.4 million, and will be financed with a combination of cash on hand and a $7.9 million short-term debt facility, which will include a capital expenditure facility. The building itself is three-storeys and was built in the 1960s and recently underwent one major refurbishment of large capital items, including windows, balconies and balcony doors. The Company plans to undertake a targeted value-add capital program to modernize and reposition the large 1- and 2-bedroom suites.
Stavro Stathonikos, CEO & President of NexLiving commented: “294 Saulsbury is our second value-add investment in the Ontario market, where we can achieve pro forma yields in excess of what is achievable by simply purchasing stabilized buildings. Once complete, the building will offer a premium rental opportunity to a growing number of 55+ residents looking for quality rental product in the Strathroy/West London market.”
NexLiving has more than tripled the size of its portfolio over the past 24 months. The Company expects to continue to build upon its successful acquisition track record and acquire an additional 500+ suites over the next year, with a focus in Ontario and Atlantic Canada.
For more information about NexLiving, please refer to our website at www.nexliving.ca and our public disclosure at www.sedar.com.
NexLiving continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. The Company aims to satisfy the needs of the newly emerging 55+ resident.
Written by: C. Soares