Firm Capital Property Trust announced it has acquired a multi-residential building consisting of 69 units located in Dartmouth, Nova Scotia. The acquisition price for the recent transaction is approximately $10.7 million, which translates to roughly $155,070 per unit.
The Dartmouth transaction is being financed through a combination of existing cash resources (including the Trust’s credit facility) and the assumption of an existing $7.0 million first mortgage with a Canadian Chartered Bank that matures on February 1, 2019. Firm Capital Property Trust is currently in the process of refinancing this mortgage. The Dartmouth Transaction is expected to be immediately accretive to AFFO.
As Property Managers, Firm Capital Properties Inc., based in Toronto, manages residential and commercial real estate. In addition to its commercial portfolio, it manages in excess of 2,500 residential units. The investment philosophy at Firm is to focus on deep value creation acquisitions, opportunistic investments and management practices that maximize value.