In 2012 Neartic acquired 3 acres of undeveloped land in the community of Summerside and embarked on an aspiration to plan, permit, construct, market and sell 180 residential condos units. Ten years later, through a sharp decline in the market for condos, a down turn in the Alberta economy, a timely pivot to apartment rental, and a world wide pandemic, Nearctic, its team and valued partners, persevered to realize on the vision.
Today we are pleased to announce the sale of Nautical Luxery Suites to Killam REIT. Our CEO, David Kent and I, would like to thank Killam’s President & CEO Philip Fraser, and his team, whom we found to be knowledgeable, highly competent, efficient, and honourable. We would also like to thank our broker Amit Grover, and his team of real estate professionals at Avison Young, as well as our lawyer Del Lewis and his team at Henning Byrne. Lastly we would like to thank our development, property, asset management and finance team for the creativity, hard work and perseverance in executing on the vision for the property.
We are proud of our contribution to Nautical, of Nautical’s impact on the community of Summerside, and the City of Edmonton. It is a very unique property that differentiates itself in many ways from its peers. We wish Killam continued success with Nautical as its newest apartment asset.
