SASKATOON, Saskatchewan — July 2024 — PREIC is pleased to announce the acquisition of Cambridge Apartments, a historic multifamily property located in downtown Saskatoon. The acquisition reinforces the company’s strategy of acquiring well-located multifamily properties with strong fundamentals, long-term growth potential and meaningful value-add opportunities.
Situated in one of Saskatoon’s most established central neighbourhoods, Cambridge Apartments offers residents convenient access to downtown employment, restaurants, retail, public transportation, the South Saskatchewan River and several of the city’s most recognizable cultural and recreational destinations.
A Landmark Property with Nearly a Century of History
Originally known as Cambridge Court, the three-storey brick apartment building was constructed in 1930 during Saskatoon’s second major period of economic and urban expansion. The property is distinguished by its U-shaped design, masonry construction and architectural detailing. In 2007, the building was formally designated a Municipal Heritage Property, with the designation applying to its exterior — the City of Saskatoon recognizing it for its contribution to the city’s architectural history and its association with Saskatoon’s early-twentieth-century development.
Investing in a Growing Canadian City
Saskatoon continues to emerge as an attractive market for long-term multifamily investment, benefiting from a diversified regional economy supported by agriculture, mining, energy, education, healthcare, technology and government services. Ongoing population and employment growth continues to create demand for well-maintained rental housing in central, walkable neighbourhoods — and, combined with the city’s relative affordability, makes Saskatoon an increasingly compelling destination for residents, employers and real estate investors.
PREIC’s Value-Add Vision
PREIC’s plans include thoughtful renovations to suite interiors as they become available; improvements to common areas, corridors and entrances; upgraded lighting, access-control and security systems; targeted mechanical, plumbing and electrical improvements; energy- and water-conservation measures where appropriate; enhanced landscaping and exterior presentation; and preventive maintenance and long-term capital planning to protect the building’s structural and architectural integrity. Any heritage-sensitive improvements will be completed in accordance with applicable municipal requirements. The objective is not to remove the building’s historic character, but to complement it with practical upgrades that support comfort, safety, efficiency and long-term sustainability.
Preserving Character While Building for the Future
Cambridge Apartments reflects an important part of Saskatoon’s architectural and residential history. Its solid brick construction, recognizable façade and central location distinguish it from newly constructed rental properties and give the building a sense of identity that cannot easily be replicated. PREIC intends to act as a responsible long-term steward of the property — protecting these qualities while making strategic investments in its future.
About PREIC
PREIC is a Toronto-based multifamily real estate investment and asset-management company focused on identifying, acquiring and operating value-add properties across Canada and the United States. Through disciplined acquisitions, active management and strategic capital improvements, PREIC seeks to create sustainable long-term value for its residents, communities and investment partners.
Stay in the loop
Get PREIC news & market perspective.
Acquisition announcements, portfolio updates, and how we think about the market — delivered occasionally, never spam.
