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Mr. Richard Morantz, President and CEO of Globe Capital Management, is pleased to announce the firm’s latest acquisition, The Chelsea Estates, an apartment property in the Beltline district in Calgary, Alberta. The recently renovated high-rise features 179 suites and was purchased for $48.25 million and includes an adjacent piece of vacant land.
Calgary’s Beltline district, which has experienced much change and redevelopment over the last decade and continues to be one of the city’s most desirable areas, is noted for its eclectic array of restaurants, nightlife venues, and cultural touchpoints. Its location, just south of downtown, makes it a most desirable place to live, work, and play for all facets of society.
Mr. Morantz remarked, “The Chelsea Estates is a well-built and managed concrete high-rise in a location that can’t be beat. We are excited to make this investment right at a time when Calgary is seeing its population increase at an accelerating rate and its economy perform as well as any city in Canada. We look forward to holding this property for the long term and building a new apartment property on the adjacent vacant land in the near future.”
Proudly headquartered in Winnipeg, Globe Capital Management has a portfolio of over 8,000 apartment units across Canada with a market value exceeding $2 billion.