Tenants of Northview buildings in Yellowknife and Inuvik should be careful to make sure their rent reaches the right company this month.
Earlier this week, two southern real estate investment firms – Kingsett Capital and Starlight – finalized a deal first reported in in February to purchase Northview.
Kingsett already owned the Bellanca building, a vacant 10-storey office block in downtown Yellowknife.
The two companies now also own Northview, which has long possessed a dominant share of the NWT’s rental market.
All of the NWT’s Northview buildings will be operated by a new property management company, the Toronto-based Northview Canadian HY Properties LP.
(The “HY” stands for high yield, so you can sleep soundly at night knowing you’re considered high-yield to someone down south.)
The most important consequence of this sale is that you should stop paying Northview REIT, which is the old company, and make sure your rent from December 1’s payment onward goes to the new property management group.
Tenants should have received a letter from the new company explaining how to make that change, which involves entering a code on a new website and changing your details there.
However, if you didn’t get that code and need assistance, how to contact the company is not immediately clear. The company’s letter to tenants carried no other contact information except the mailing address of its Toronto head office.
Also unclear is the future of Northview’s office staff in Yellowknife. Tenants were this week told their two choices are paying online or mailing a cheque to the company’s Toronto head office, which appears to suggest you can no longer pay in person.
The new company takes over thousands of residential and commercial units across British Columbia, Alberta, Saskatchewan, Quebec, New Brunswick, Newfoundland and Labrador, the Northwest Territories, and Nunavut.