Chilliwack, BC, Canada (July 1, 2020) – Westbow Capital Income Fund (“Westbow Capital”), a privately held real estate trust, is pleased to announce a $34,000,000 acquisition in Saskatoon, Saskatchewan.
The Saskatoon Property is a 4-storey mixed used apartment community acquired for $34 million. Built in 2016, Baydo consists of two newly constructed buildings that are well maintained and boast an excellent location, and an occupancy rate of 94% at acquisition. Learn more about the property here.
The property has 31,438 square feet of commercial leasable space on the first floor with an underground heated parkade, and there are 112 residential rental suites on the upper floors. It was acquired at a 5.55% cap rate, and the current average rent per residential unit per month is $1,418. We purchased this property because of its positive cash flow, newer construction, and good location.
Primary Rental Market Statistics
The rental market in Saskatoon is very promising for long term investment. The past several years have seen decreases in vacancy rates, and record employment and population growth. These statistics indicate opportunity for strong cash-flowing properties with room for potential appreciation.
Saskatoon is the largest city in Saskatchewan and considered the ‘Hub City’ for distribution and logistics. Saskatchewan has a diverse economy with major industries such as agriculture, forestry, oil and gas, and mining. It has the world’s largest potash producer and world’s largest uranium company. Our team also believes that major infrastructure developments in the Northwest of Saskatoon will increase the value of the property in the long-term.
About Westbow Capital Income Fund
We formed in January 2019 and are a real estate trust with headquarters in Chilliwack, BC. We focus on acquiring and managing primarily mid-to-low density residential rental properties in Western Canada.
Our team has over 40 years of experience building and owning real estate all over North America. Through this, we have gained experience in all aspects of managing rental real estate properties includes, analysis, acquisition, and upgrading.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Westbow Capital’s securities.