Big real estate deals will bring no immediate changes for tenants, say building owners
A number of apartment buildings in Sackville changed hands last week with multi-million dollar deals, and the new owners say no major changes are coming for tenants.
Sunset Investments purchased six buildings from Sackville landlord Charles Estabrooks for a total price of $13.3 million dollars. The purchase included four buildings on Main Street across from the Drew Nursing Home, as well as 55 Salem and 11 Lorne Street.
There’s a total of 82 rental units in all six buildings, according to investment marketing material produced by Sunset Investments before the deal was finalized.
Some residents have been concerned about the sale because of what happened to tenants in a neighbouring building at 15 King Street, which was purchased by Sunset this summer. In that case, tenants in all 16 units were evicted for the purposes of renovations, which included converting two-bedroom units to three-bedroom units by removing the living room. Months after the purchase and evictions, the units were up for rent, with converted three-bedroom units fetching $1600 per month, more than twice what some had been paying for two-bedroom units before the sale.
Sunset says it does not have a similar plan for the six Estabrooks buildings. In an emailed statement to CHMA, Sunset Investments says it, “aims to maintain the operation of these buildings as is.” The company says it has no plans to renovate the buildings, but for general maintenance and the addition of solar panels and low flow water fixtures.… Continue
Sunset Investments says it’s back with another, bigger purchase of rental housing in Sackville
The investor group that terminated all the leases in a 16-unit apartment building on King Street this summer has its sights set on another, much larger real estate purchase in Sackville.
Sunset Investments has posted a video online advertising an investment opportunity to purchase six Sackville buildings totalling 82 units. All the buildings in the video appear to be owned by local landlord Charles Estabrooks.
CHMA has reached out to Estabrooks for confirmation and have not heard back as of publication time.
Although the text in the video mentions six buildings, there are five featured in drone footage, which appear to be 55 Salem, and four buildings on Main Street: 172A, 172B, 174, and 176.
Rogan Porter lives at one of the buildings featured. He says there were rumours over the winter that his building might be sold, but that he and his partner breathed easy in the summer when they heard it would not.
“We figured, okay, we’re off the hook. And then the video comes up out of nowhere,” says Porter, “and ruins our sense of peace, unfortunately.”
Porter recognized the investment group—Sunset Investments—from their purchase of 15 King Street this summer, and he was immediately worried.
“I was really upset with what they did to 15 King, even though it didn’t directly impact me,” says Porter. “It’s just a slap in the face to renters.”… Continue