CANMORE, Alberta and CALGARY, Alberta, July 14, 2017 (GLOBE NEWSWIRE) -- Prestigious Properties Group ("Prestigious") (www.prestprop.com) is pleased to announce the acquisition of three mobile home parks with over 160 pads in Central Alberta for $6.3M, well below appraised value. Prestigious Properties acquires, manages and/or improves undervalued apartment buildings and mobile home parks in Western Canada.
“In Western Canada, cash-flowing investment real estate continues to be in high demand and as such, we are excited about this accretive investment opportunity. Existing mobile home parks provide excellent yield and can still be purchased well below replacement costs if one is a patient buyer. With high occupancy, limited construction of new parks and an improving Alberta economy we anticipate both short and medium term rental and thus, value upside,” states Mike Hammerlindl, VP Acquisitions of the Prestigious Properties Group.
Company president Thomas Beyer is bullish on the company's business model and pleased by its surging growth profile. "In any economy, and especially in a recessionary environment like right now, there is a need for reasonably priced, well situated and impeccably maintained mobile home communities," Beyer explains his investment philosophy. "Renting is becoming the economic choice of many because owning a house doesn’t mean automatic equity accumulation anymore, because renting is usually far cheaper than owning and because the threat of rising interest rates remains with us," he adds. "This presents an enormous opportunity for investors who seek stable, long term investments with cash-flow and equity growth, whether the economy is strong or weak.”
Prestigious Properties has also forged strong business relationships with a number of Canadian banks and lending institutions. This property was financed by ATB Financial at attractive terms.
Prestigious Properties is a privately owned, Alberta-based group of companies which create wealth for investors by offering well selected real estate investments that provide positive cash flow, tax free equity growth, and hassle-free management, for the benefit of tenants, communities and investors.