August 21, 2017
EDMONTON, Alberta – The Everest Group of Companies is excited to announce it has closed on an acquisition of a 311-bed student housing residence in the heart of Downtown Edmonton, The Horizon Residence. Everest was able to strategically acquire this distressed asset and has developed an aggressive asset management plan to maximize the untapped value of the asset.
“The student housing sector is a fantastic investment class.”, says Zafir Rashid, Chief Executive Officer, “It is virtually recession-proof and has been outpacing other real estate asset sectors in terms of growth and profitability per square foot.”
Everest has been able to grow since inception in 2000 through prudent acquisition practices and a discipline of focus. When this asset became available, Everest was able to leverage its strong relationships with lenders and investors to be able to acquire it from receivership.
The first strategic move was to engage Campus Living Centres (www.campuslivingcentres.com) as property manager. “Campus Living are experts in marketing and managing student housing assets in Canada”, says Zachary Penner, VP Sales and Marketing, “We are confident their experience and expertise will immediately deliver value for Everest and our investors.”
Among Everest’s plans are to fully lease out all 8 commercial bays on the main floor of the building and to institute a mix of student housing and short-term (Air B&B) rentals in a specified block of rooms. This formula has successfully maximized revenue per square foot on another Everest property, the GEC Granville Suites in Downtown Vancouver.
The Everest Group of Companies is a vertically integrated land development and asset management group with experience in the student housing, residential, commercial/retail, and hotel sectors. Everest currently has development projects in Vancouver, Surrey, Edmonton, and Toronto, with planned acquisitions in Florida.
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