Effective June 30, 2010, 1542775 Alberta Ltd. purchased the Ashby and Brighton apartment buildings in Edmonton, Alberta for a purchase price of $58,000,000. The vendors were Oliver Village Inc. and 1037683 Alberta Ltd.
The Ashby at Oliver Village and Brighton at Oliver Village are low-rise apartment buildings with a total of 306 high-quality residential rental units, located next to Grant MacEwan University and the Oliver Village retail complex.
The purchaser was advised on the transaction by GWL Realty Advisors Inc., one of Canada's leading real estate investment advisors, providing comprehensive asset, property and development management and specialized real estate services to pension funds and institutional clients.
The purchaser and GWL Realty Advisors Inc. were represented in the transaction by Garth Anderson and Paul Logan of the Calgary office of Blake, Cassels & Graydon LLP.
The vendors were represented by Richard Craddock, QC, Catherine Farnell and Jonathan Calvert of Witten LLP and by Michael Elias, QC, and Dana Treasure of Ogilvie LLP.