Prestigious Properties recently completed one of Edmonton’s largest multi-family building transactions this year with the purchase of a 71 unit apartment for $10.65 million.

This acquisition expands Prestigious’ portfolio of rental properties, which now exceeds $100 million in assets across 950 units and 300 acres of developable land in Canada and the U.S.

“Renting is becoming the economic choice of many because owning a house doesn’t mean automatic equity accumulation anymore, renting is usually far cheaper than owning, and because it is far tougher today to get a mortgage than it used to be,” says Thomas Beyer, president of Prestigious Properties.

The company’s investment strategy has drawn over 600 investors. Beyer says Prestigious’ investment philosophy is based on the need for reasonable price, well-managed apartments in desirable locations. The company buys undervalued apartment buildings in urban markets, then renovates, manages, re-finances and occasionally sells them.

He says that Edmonton’s market is usually 12-18 months behind Calgary. Some of Prestigious’ best performing assets in Calgary have seen rent increases of 20 to 30 per cent in the last two years.

“We expect rents to substantially increase in our Edmonton portfolio, including this acquisition which boasts almost exclusively very spacious two bedroom units,” Beyer says.