Developers plan residential development for income property investors poised to profit in anticipation of next regional real estate boom in north eastern BC
Monday, May-25-15 – Port Edward/Prince Rupert, British Columbia – Developers Alture Properties Ltd., and Kerkhoff Development Ltd., have teamed up on a strategy to build condominiums in Port Edward, near the terminal site of the Petronas-led $36 Billion PNW LNG project. “We have acquired the only serviceable land with the size appropriate for building condominiums on a scale large enough to service rental demand during the construction phase and into the future.” said Stephen Duke, Alture EVP and spokesperson for the development team.
Following on Kerkhoff’s recently sold-out development in Kitimat, BC, (Baxter Landing), the team plans to lease up the condo-units and market them to income property investors hungry for cash flow. “Their 2-bedroom units in Kitimat are leasing up at over $2, 000.00/month on average. A lack of rental vacancy and these massive new developments in the Prince Rupert area promises a similar situation.” said Duke.
The Petronas-led LNG project is expected to bring thousands of contractors and workers to the area over the next 4-5 years, and approximately 600 permanent jobs when complete. Prince Rupert and Port Edward have a combined population of approximately 13,000 residents. Vacancy rates for rental housing have fallen from a high of 11% in 2013 to 6% in 2014. A recent survey of regional housing indicates an aging inventory insufficient or at a standard below expected demand. Survey available here
Project image available here:
Media contact: Stephen Duke | 604.369.2545 Stephen@altureproperties.com
Alture Properties is a Burnaby based real estate development company with an established track record of successful timing entering key markets with projects throughout Alberta and BC, and in high-growth communities such as the Fort St. John. The company has primarily developed mid-rise multi-family condominiums and town home projects optimized for income property investors looking to own cash flow producing real estate properties in key growth markets. Alture’s Wealthminds™ subsidiary helps educate members on how to design and take action to create a retirement annuity income and cash flow through real estate. Wealthminds’ 400+ members have purchased more than 200 properties valued at over $74 million. Alture was founded by successful entrepreneurs who shared a vision to bring the wealth-building potential of quality real estate investing to all Canadians, and fans who rave about their homeowner experience as a testament to Alture’s commitment to quality. www.altureproperties.com
About Kerkhoff: Kerkhoff Construction has built a strong and respected profile since its beginning as J.C. Kerkhoff and Sons Construction in 1968, both locally and internationally. From the very first home, built and sold in Chilliwack, BC, Kerkhoff Construction has held firmly to the family commitment to excellence, innovation, and integrity, and above all else, client satisfaction. Kerkhoff Construction continues seeking out development opportunities for partners and investors, and takes on the role of development and construction management, project management and general contracting for multi-family residential projects, single-family developments, and commercial projects and for specialty projects such as church facilities and community centres. www.kerkhoff.ca