Regina, Saskatchewan – (August 31, 2022) – Auctus THI Calgary Apartment Fund LP (“Icon Calgary”) and the Deveraux Group of Companies are pleased to announce the close of an oversubscribed $16.0 million offering of limited partnership units, along with the development and construction of 340 luxury apartments in Trinity Hills, Calgary. The offering was announced on August 3, 2022, and was quickly oversubscribed, closing within 5 days on August 8, 2022.
“Our Auctus development pipeline continues to grow across Western Canada, supported by strong immigration, a lack of quality rental supply, and significant economic growth driven by surging commodity prices and capital investments. We are pleased to repeatedly experience high investor demand for our Auctus development funds, with oversubscriptions occurring within days of the release of the offerings. We thank all for their continued support of the development pipeline and look forward to completing another successful development fund”, stated President and Chairperson, Denis Jones.
The proceeds from the offering of limited partnership units will be used toward the development and construction of Icon Calgary. The Trinity Hills neighborhood is situated on the west side of Calgary and offers excellent connectivity via the adjacent major roadways. It provides easy access to all of Calgary’s top destinations, including a 15-minute drive to downtown and an 8-minute commute to the University of Calgary. When complete, the community will have multiple residential options and a wide array of supporting retail. The project is also located at the base of the Canada Olympic Park, providing excellent access to world-class outdoor and indoor amenities. With the development permit already in place, construction is expected to commence in the fall of 2022.