Yorkton Equity Group Inc. Announced the Company has entered into a purchase sale agreement dated December 2, 2022 and has also executed a commitment letter with one of Canada's commercial real estate capital and mortgage firms for CMHC insured financing to acquire a very recently constructed 188 unit multi-family apartment complex comprising of two luxury condominium grade buildings situated on an approximately 3.31 acre of land located at 5530 and 5538 Schonsee Drive NW, Edmonton, Alberta which had a listing price of $42,488,000. The Property is comprised of thirty-two units of one bedroom with one bathroom, 9 units of one bedroom plus den with one bathroom, one hundred and forty-three units of two bedroom with two bathrooms, and fou units of three bedroom with two bathrooms, together with 191 heated underground parking stalls and seventy-three surface parking stalls. Each building is equipped with two elevators serving all floors.

The Property also includes amenities such as air conditioning in select units, a social room for entertaining, two pet wash stations, a bicycle storage room, and a fitness center. Construction of the buildings was completed with tenant occupancy commencing in early 2022, and currently the buildings have achieved 100% occupancy. Under the terms of the PSA, the Company has sixty (60) days from the execution of the formal agreement to waive or satisfy all conditions in relation to the transaction, which includes obtaining internal approvals, satisfying itself of the status of and title to the Property, and obtaining the necessary financing to complete the transaction.

The closing of the transaction is scheduled to be thirty days following the waiver or satisfaction of all of the conditions. The Company has paid an initial deposit of $200,000 within three business days of the signing of the PSA, a second deposit of $1,000,000 is to be paid within 3 business days after the waiver or satisfaction of all conditions, and the remaining purchase price is to be paid on the closing date of the transaction, which is expected to take place in late February 2023.