ViveRE Communities Inc. announced it has completed the acquisition of a multifamily rental property located at 51 Noel Avenue in Saint John, New Brunswick.
The property is a new 47-unit multifamily building that caters to the over-55, active-living demographic. Constructed in 2018, it is located in the growing Saint John sub-market of Millidgeville at the northern edge of the Saint John River and adjacent to two of the company’s existing properties on Noel Avenue. The property offers high-end living spaces with granite countertops, stainless appliances, dishwasher, microwave range hood, washer and dryer, walk-in closet, en-suite bathrooms and private balconies.
Common areas include gym facilities, media and community room, storage lockers as well as 34 underground parking spaces. The property is in close proximity to a prominent transit route, Horizon’s Saint John Regional Hospital, the University of New Brunswick and an abundance of nearby shopping, dining, and community centres.
ViveRE acquired the property for a purchase price of $11.25 million, subject to customary adjustments at closing.
“We are very pleased with the acquisition of this high quality, 55+ active living property,” said Mike Anaka, ViveRE CEO. “A core 2020 goal for the company was to grow our portfolio to over 500 units. With the acquisition of 51 Noel, we own 19 buildings and over 530 units. We are now focused on executing our strategy to double our portfolio to an excess of 1,000 units during 2021.”