Pine Valley Estates (30% interest)

3801 Wiebe Road, Prince George BC

Date Purchased March 2017	Constructed 1998
Purchase Price $3,060,000	Sale Price -
Site Area 3.3 acres	Gross Leasable Area SF

Property Description

Pine Valley Estates is an exceptionally well-maintained 76-unit multifamily development nestled in the Pedal Hill/Westbowl neighbourhood of Prince George, BC. The property is situated adjacent to a well-established retail centre anchored by Costco, Canadian Superstore and Best Buy, approximately six kilometres north of downtown, and one block west off Highway 16.

The 3.3 acre site was developed in 1998 with 76 multifamily dwelling units, and comprises 43 townhouse units and 33 apartments in a three-storey wood-frame building with elevator. The property features 76 covered parking stalls with electrical plug-ins (individually metered to each unit), as well as 75 additional uncovered stalls for ample visitor and overflow parking. The property is 100% occupied with a waiting list. Churchill acquired the property in March 2017 for $10,200,000. The acquisition is a joint-ownership venture between Churchill Pine Valley Limited Partnership (70%) and Churchill REIT (30%).