Mainstreet Equity Corp. is on a buying rampage. The Alberta company has been continuing with a number of residential real estate transactions and has solidified itself as one of the nation's largest residential landlords. The company hasn't been paying any attention to the naysayers when it comes to Wild Rose Country's economic climate, and marching to its own drum has paid off.
In fact, Mainstreet actually picked up speed in 2018 and churned out its best year ever since 2014. Not only has it been buying up property voraciously, but the vacancy rates of its assets also showed some impressive numbers. The vacancy rate dropped to more than 6 per cent in last year's fourth quarter compared to nearly 10 per cent during the same time in 2017.
The company managed these impressive numbers despite the Alberta carbon tax, increased property taxes and rising interest rates. In the last quarter of last year, Mainstreet bought seven apartment buildings to the tune of more than $35 million. Five of those are located in Calgary. More than 12,000 rental properties are currently under the Mainstreet umbrella.
Regardless of the type of real estate transactions -- residential, commercial or industrial -- an Alberta real estate lawyer's expertise may prove invaluable when it comes to making positive deals. A lawyer understands how the law plays into contractual obligations and may be able to clarify those areas that may be more complex or confusing. A lawyer's advice may be especially warranted when purchasing and/or selling investment property such as apartment buildings.