4 Esquimalt Apartment Buildings sold to Vancouver based Belmont Properties.

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Gary Averbach and Robert Golden of Belmont Properties are listed as directors of the holding company who recently purchased approximately $38,000,000 worth of rental apartment buildings in Esquimalt in December 2018.

Vendor, MICHAEL BERNARD SHORE assembled the properties over many years and sold the buildings as an impressive 205 unit income producing portfolio.

This is a big addition to Belmont’s 8 existing properties in the Capital region, now growing the Belmont Victoria portfolio to 11 buildings. The company continues to invest in apartment buildings in Victoria and Greater Vancouver.

The acquisition was funded by a CMHC backed mortgage from Toronto Dominion. Mortgage documents reflect a competitive rate of approx. 3.237% per annum on a 5 year term.

866 Craigflower Rd
Royal Arcadia Apartments
$13,761,144
73 Suites
59420 Sq Ft Land

843 CRAIGFLOWER RD
Lindsay Place
$8,783,945
47 Suites
34,400 Sq Ft Land

925 Esquimalt Road
Harbour View Manor
$8,493,495
46 Units
35,700 Sq Ft Land

1340 Sussex
Sussex Lodge
$7,246,416
39 Units
24,000 Sq Ft Land

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