Financing provided to renovate and upgrade a purpose built rental apartment property, located in the City of Duncan, British Columbia. The property comprises a total 56 units and is 100% occupied after completion of the recent refit.
Properties immediately surrounding the site are developed with single- and multi-family residences, including the recently completed residential subdivision called Stonehaven. The property recently underwent a full cosmetic upgrade including new common area tile, carpet and paint. 50 units have also been fully upgraded to a new building standard including new tile and laminate flooring, new kitchens and bathrooms as well as new, upgraded appliance packages.