ICM Announces the Sale of Lyfe Residences in Marda Loop, Calgary

(January 2025 – Calgary, Alberta) ICM Asset Management is pleased to announce the successful sale of Lyfe Residences (“Lyfe”), a 135-unit Class A residential property located in the vibrant and highly walkable Marda Loop area of Calgary.
Situated in the trendy Marda Loop district on the west end of 33rd Avenue, Lyfe bridges the neighborhoods of Altadore and South Calgary, offering residents unmatched access to shops, dining, and community amenities. ICM initially invested as an equity partner in the development of the project beginning in 2017, before acquiring the developer’s interest as the property neared stabilized occupancy at the end of 2019.
Residential rents in Calgary surged between 2021 and early 2024, benefitting from record population inflows. However, rents in Calgary have more recently contracted with new multi-family inventory entering the market, increasing vacancy rates. At its lowest, Calgary’s vacancy rate was below 2% but has since risen to approximately 5%. According to a report by Rentals.ca, two-bedroom apartment rental rates in Calgary decreased by 7.2%, and one-bedroom rates dropped by 6% compared to January 2024.
“Marda Loop is among the best inner-city communities in Calgary. While we like the long-term fundamentals and would invest in a similar project again, we felt that the recent strength in the market was likely to cool off. No single property type remains the best investment perpetually. Strong investor demand presented an opportunity to sell a stabilized asset with a lower return outlook than other opportunities elsewhere in our portfolio.”
– John Courtliff, CEO & Portfolio Manager, ICM Asset Management.
Proceeds from the transaction will be redeployed into more accretive opportunities within ICM’s portfolio, further supporting the firm’s commitment to delivering value for its investors.