Chilliwack, BC, Canada (September 17, 2019) – Westbow Capital Income Fund (“Westbow Capital”), a privately held real estate trust, is pleased to announce the acquisition of SunRidge, a community of 9 homes in Lethbridge, Alberta, for $3.6 million.
The SunRidge homes are purpose-built rentals with 2 units in each home. This results in a portfolio of 18 rental units in Lethbridge Alberta. The SunRidge community is located across the street from Sunridge Park with a lake, trails, playground, close to schools and shopping. The homes are located in Western Lethbridge allowing for easy access to downtown Lethbridge and the universities. Each home features 2 rental units with an average size of 1000 sqft. The upstairs units feature 2 bedrooms and 2 bathrooms, with the downstairs unit featuring 2 bedrooms and 1 bathroom. These 2 storey homes were built in 2019. This rental community presents the opportunity for strong cash flow and aligns with Westbow Capital’s investment strategies. This is Westbow Capital’s second acquisition in Alberta.
The SunRidge community is built to Green Bronze Standards with a dedication to environmental and economic sustainability.
Lethbridge is Alberta’s third-largest city by both population and land area, and the largest city in Southern Alberta. Lethbridge has become the agricultural hub for Southern Alberta, and management believes that the stable, supportive business environment certainly adds to the likelihood of the city’s growth and success. Businesses also benefit from the intelligent, skilled workforce that is supported by two quality post-secondary institutions and one of the largest federal government agriculture research centres in Canada.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Westbow Capital’s securities.
About Westbow Capital Income Fund
Westbow Capital was formed in January 2019 and is a real estate trust with headquarters in Chilliwack, BC. It focuses on acquiring and managing primarily low to mid density residential rental properties in Western Canada.
The Westbow Management team has over 40 years of experience building and owning real estate all over North America. Through this the team has gained experience in all aspects of managing rental real estate properties including, but not limited to, analysis, acquisition, and upgrading.