HALIFAX,
NS, Dec. 16, 2022 /CNW Telbec/ - NexLiving
Communities Inc. (TSXV: NXLV) ("NexLiving" or the "Company")
announced today that it has acquired a portfolio of two properties
in Saint John, New Brunswick for
$34.3 million. The acquisition
includes an adjacent parcel of land that is approved for a future
development project of up to 85 units. Including the land parcel in
the acquisition price, the blended capitalization rate is 4.75%.
The consideration will be satisfied with a combination of cash on
hand and $25.7 million of mortgages
that bear a weighted average interest rate of 3.06% and a weighted
average term to maturity of 3.5 years.
The first property, 50 Calabria Street, is a four-storey luxury
building with 82-suites, located in the east end of Saint John near the city's prime shopping
district. This newly constructed building is equipped with two
elevators and has underground and surface parking options for
residents. The building offers attractive amenities including three
fitness centres, a community room, walking trails, pickleball and
basketball courts and more. All units have a balcony, in-suite
laundry, multi-zone air-conditioning and smart home features
(resident's app, valet entrance, keyless entry technology, facial
recognition entry, smart home water heater, EV charging stations
etc.). The property includes a separate parcel of land that is
approved for future development of up to 85 units.
The second property, 5 Woodhollow Park, is a four-storey
building with 67-suites located in east end Saint John with close proximity to transit and
local amenities. The building was constructed in two phases in 2013
and 2015 and is equipped with an elevator, spacious 1 & 2
bedroom suites featuring walk-out patios, in-suite laundry and
generous surface parking options for residents.
Pro forma the previously announced acquisition of 2251 &
2261 Mountain Rd., which is expected to close in Q1 2023, NexLiving
will own 1,166 suites. The Company expects to continue to build
upon its successful acquisition track record and acquire an
additional 500+ suites over the next year, with a focus in
secondary markets across Canada.
For more information about NexLiving, please refer to our
website at www.nexliving.ca and our public disclosure at
www.sedar.com.
About the Company
NexLiving continues to execute its plans to acquire recently
built or refurbished, highly leased multi-residential properties in
bedroom communities in Atlantic
Canada. The Company aims to satisfy the needs of the newly
emerging 55+ resident. The demographic that has changed the world
is now changing the way residential rental apartments cater to
their requirements. Their desire for community, along with service,
quality and convenience has led to the emergence of the 55+ active
living segment. Apartments are their next "home", after years of
owning they look forward to the carefree lifestyle provided through
renting in a community of their peers. NexLiving intends to
consolidate this emerging market niche.
For its recently acquired properties in Ontario the Company plans to undertake a
targeted value-add capital program to modernize and reposition the
large 1- and 2-bedroom suites.
The Company currently owns 1,016 units in New Brunswick and Ontario.
NexLiving has also developed a robust pipeline of qualified
properties for potential acquisition. By screening the properties
identified to match the criteria set out by the Company (proximity
to healthcare, amenities, services and recreation), management has
assembled a significant pipeline of potential acquisitions. For
more information about NexLiving, please refer to our website at
www.nexliving.ca and our public disclosure at www.sedar.com.
Forward-Looking
Statements
This news release forward-looking information within the meaning
of applicable Canadian securities laws ("forward-looking
statements"). All statements other than statements of historical
fact are forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"projects", "estimates", "forecasts", "intends", "continues",
"anticipates", or "does not anticipate" or "believes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "should",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements contained in this news release include,
but are not limited to management's expectations of additional
rental increases to come into effect by year end and the further
enhancement of the Company's financial results. Such
forward-looking statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
These forward-looking statements reflect the current expectations
of the Company's management regarding future events and operating
performance, but involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Actual events could differ
materially from those projected herein and depend on a number of
factors. These risks and uncertainties are more fully described in
regulatory filings, including the Company's Annual Information Form
and annual and quarterly MD&A, which can be obtained on SEDAR
at www.sedar.com, under NexLiving's profile. Although
forward-looking statements contained in this new release are based
upon what management believes are reasonable assumptions, there can
be no assurance that actual results will be consistent with these
forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The forward-looking
statements in this new release speak only as of the date of this
news release. Except as required by applicable securities laws, the
Company does not undertake, and specifically disclaims, any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future developments or
otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
SOURCE NexLiving Communities Inc.