West Tenth
1400 - 10 Avenue SW, Calgary, Alberta
The Offering
West Tenth (hereinafter, the “Property”) presents investors the rare opportunity to acquire a seven-storey, non-combustible, purpose-built rental asset excellently located in Calgary’s most sought-after Beltline corridor. The Property is comprised of 106 rental suites, +/- 17,732 sf of main-floor retail space, and ample underground and surface parking. Residents benefit from access to competitive modern amenities including a fitness centre, outdoor dog run, games room, and spacious indoor/outdoor rooftop lounge with wrap-around patio and stunning views of the Calgary skyline. The Property received occupancy in early 2024 and the residential portion was fully leased within six months.
Institutional Property Advisors, a division of Marcus & Millichap, has been exclusively retained by the Vendor to present West Tenth for sale. The Property is being offered with no list price. At this time, offers will be reviewed on an as-received basis.
Investment Highlights
○ COMPETITIVE AMENITY PACKAGE: Attractive offering includes a fitness centre, games room, secure underground parking, tenant storage, and an indoor/outdoor rooftop lounge with BBQs and stunning views, all highly competitive features on new Calgary rental product.
○ RETAIL SPACE: +/- 17,732 sf of main-floor retail creates a true mixed-use space for tenants with daycare, dining, medical and retail on-site.
○ ATTRACTIVE MARKET CONDITIONS AND DEMOGRAPHICS: Calgary has experienced a notable surge in population growth over the past two years, leading to tightened vacancy rates and significant rental growth. The demand for rental units continues to outpace supply and the number of new units under construction. Many new residents are initially entering the Calgary housing market as renters, further intensifying demand.
○ LOCATION: A world of convenience is just steps away in Calgary’s Beltline, with trendy cafes, restaurants, boutique shopping, grocery stores, and medical clinics all within walking distance. Calgary's Central Business District is also within walking distance, just north of 9th Avenue.
○ IDEAL SUITE MIX & QUALITY CONSTRUCTION: The Property features 106 purpose-built rental suites with an ideal mix of studio, one- and two-bedroom units designed to cater to a wide array of residents. The bright, modern living spaces have an average suite size of 697 sf and are elegantly designed with high-end finishes, stainless steel appliances, quartz countertops, engineered cabinetry, multi-pane windows, soundproof drywall, and luxury vinyl-plank flooring.
