Dwell apartments sell for over $40 million

A state-of-the-art residential rental property in northeast Edmonton has sold for more than $40 million.

Dwell at Schonsee Apartments, a two-building, 188-unit rental property developed by Carrington Communities, has sold for $41.736 million.

The buildings were completed in 2022 and have enjoyed a 100% occupancy rate through 10 months of leasing.

Carrington Communities, a family-owned local developer that has won numerous awards over the past 50 years, used best-in-class construction practices and operating efficiencies to design the property.

MLT Aikins lawyer Aleem Popatia was pleased to act as counsel to Granite 1 Limited Partnership, an affiliate of the Carrington Group of Companies, on the sale of Dwell.

Our lawyers have wide-ranging experience in the purchase and sale of multi-unit residential and commercial real estate. Contact our Real Estate team to learn more.