Dear Unitholders,
We are excited to announce the successful close of 1600 Riverside Lane, a 92-unit apartment complex located in Courtenay, BC.
The property consists of an existing 42-unit building extensively renovated in 2021 and a newly constructed 50-unit building.
Occupying a prime location on the river at the base of the 17th Street Bridge, this strategic acquisition further expands All Island REIT’s footprint in the Comox Valley, representing a 24% increase in units held in our core community and driving operational efficiencies and scale in the region.
Post acquisition, All Island REIT comprises 965 residential units, including 468 units in the Comox Valley, and 58,000 square feet of commercial space.