Ledcor Property Investments has announced the sale of Crossing at Belmont to a company with a reputation for building well-planned communities that extends from coast to coast.
The purchaser, Killam Apartment REIT, is one of Canada’s largest publicly traded real estate companies specializing in the acquisition, development and management of multi-family residential properties.
Eric Gerlach, vice-president of development for Ledcor Property Investments, said in an interview with Black Press Media that the transaction marks a major investment, especially considering the challenging economic climate created by COVID-19.
“It reinforces the value of a strong product in a strong location. It’s a testament to Langford’s efforts to attract a company with such a great national reputation,”Gerlach noted.
Crossing at Belmont includes 156 units in two, five-storey purpose-built apartments on a 22-acre property next to Belmont Market. The project consists of six phases of rental and residential homes aimed at accommodating first-time home buyers, working professionals and people looking to downsize.
The neighbourhood is close to the Galloping Goose Trail, Belmont Market shopping centre, Langford’s downtown hub, lakes, parks and recreational amenities, Gerlach said.
He expressed gratitude on behalf of Ledcor to the tenants of Crossing at Belmont, community leaders in Langford, the public and all stakeholders involved in the project.
“Thanks for the trust that they have placed in us, and we are proud to deliver on our promises. And thanks to all of the first responders and front line workers for their efforts during these difficult times,” he added.
Philip Fraser, president and CEO of Killam Apartment REIT, said in a media release that they are pleased to have the opportunity to expand their portfolio in the Capital Region. “Crossing at Belmont is a part of the master plan community that has become a vibrant centre for the City of Langford and more importantly, has the sort of values and commitment to community that we truly appreciate.”
Devon Properties will assist with the transition and continue as the property manager for Crossing at Belmont in the near term.
About 85 per cent of the mix of one bedroom, one bathroom and two bedroom, two bathroom units completed in October and December of 2019 have already been leased. Rents range from $1,500 to $2,200 a month.
For more information on the project, visit crossingatbelmont.com.