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May 01, 2019

Pointing the way

Park Point’s luxurious lifestyle is a turn-on for investors

Pepper Rodriguez

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Buying a home can be the most rewarding experience — and not just because of the peace of mind it offers but there can be a financial windfall as well. And those lucky enough to have bought a home in the popular Park Point condo tower in the Beltline, that reward can be doubly satisfying.

Park Point is the latest triumph of Vancouver-based developer, Qualex-Landmark™, and it has certainly taken its place as the premier multi-family condo offering in Calgary’s Beltline community since it began welcoming residents last year. But what is even more encouraging for buyers is the enormous opportunity it has as an investment property.

Condo Living spoke with Qualex-Landmark™ vice-president of planning and marketing Parham Mahboubi and vice-president of sales, Jordan Beach, and they agree that the upswing in Calgary’s rental market has
turned into a boon for many of Park Point’s buyers who see this as an opportunity to recoup at least some of their investment.

“Calgary’s rental market has made some significant gains in 2018/2019 with vacancy rates dropping. Park Point is getting some of the highest rents in downtown Calgary given its high level of finish and second to
none location with fantastic unencumbered park, city and mountain views. This is very attractive to investors — great rental income,” Beach tells Condo Living.

Qualex-Landmark™ is currently promoting investment opportunities for Park Point that’s different from a direct rental. “It is a different model or approach we are taking where we are making the investment decision
easier for a homebuyer looking to invest in a very centrally located and unique high-end residential tower project in downtown Calgary,” Mahboubi says.

“In this market we are trying to remove obstacles for homebuyers. Sometimes the task of finding a good tenant, writing up a contract and renting out a suite can present itself as a barrier for a homebuyer looking for income generating property,” Mahboubi adds. “At Park Point, we’ve done the initial groundwork and secured a good tenant with good lease terms. The only thing left for a homebuyer is to take ownership of the suite
and receive ongoing rental income.”

Mahboubi also says that that the opportunity to purchase a rented suite also works very well for homebuyers who may be in the process of selling their existing home but wish to secure their desired suite at Park Point
right away while receiving rental income until their other property sells. “This opportunity offers greater financial peace of mind for these types of purchasers.”

He adds that their objective is to secure rental tenancies closer to 12 months.

There are only 26 of the total 288 suites left in Park Point and they range from 502 to 1,300 square-feet.

Homes with existing lease/income include a 646 square-foot one-bedroom for $377,000, and a 1,024 square-foot two-bedroom at $644,000. Prices include the current promotion but exclude GST.

Residents began moving in to Park Point early fall last year and are already enjoying the extensive in-house amenities that are offered, not to mention the vibrant and dynamic life available in the Beltline community.

“The response and testimonials we have received thus far have been the most positive out of all our projects in Calgary,” Beach says. “Current Park Point residents love the building, particularly its park setting on
Central Memorial Park, building amenities and close proximity to neighbourhood amenities. Suites at Park Point have rented very quickly, making it very desirable from a rental revenue standpoint for an investor buyer.”

Favourite in-house amenities include the unique gym overlooking Central Memorial Park. The steam and infrared saunas that Beach says were extra popular during this past bitter cold winter.

“With the onset of spring and summer, we anticipate the outdoor amenities such as the yoga / Pilates deck overlooking central Memorial Park, social lounge seating with fire pit, barbecue and dining area, and the Zen
Terrace will also get utilized by residents and their guests,” Beach adds.

Mahboubi says that Qualex-Landmark™ remains highly confident in Calgary’s economy. “Calgary is uniquely positioned in the marketplace to provide ample housing options whether end users or renters.”  He says that
regardless of the economic conditions in Calgary, they believe that both purpose-built rental projects and market condo projects can provide the appropriate housing needs.

“As with Park Point, for example, the highly accessible price point of this luxury condo project enables investment buyers to inject the housing market with rental condo suites as income generating properties. This
offers renters a step up when it comes to lifestyle and standard of living. Outstanding hotel-quality amenities in Park Point, for example, were historically non-existent in older purpose-built rental buildings in the

Mahboubi ends by saying: “We believe the Calgary real estate market is currently ripe for those investor buyers who recognize investment opportunities in Calgary when the home prices are relatively low compared to
other major metropolitan cities such as Vancouver and Toronto.”

Fast Facts
Community: Beltline
Project: Park Point
Developer: Qualex-Landmark Union Inc.
Style: Highrise condominium, apartment and townhome
Remaining sizes: 1 bedroom 560 – 646 sq. ft.
2 bedroom 854 – 1,056 sq. ft.
Sub-Penthouse 1,340 sq. ft.
Prices: From the $290,000s
Address: Sales centre at 301, 11 Ave. S.W.; Project at corner of 2nd St. and 12 Ave. S.W.
Hours: Open daily (expect Fridays) 12 – 5 p.m.

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