By James Peters

Local company buys two downtown apartment blocks, unveils major development plan

Oct 30, 2017 | 9:10 AM

KAMLOOPS — A local residential property management company has purchased a pair of downtown Kamloops apartment blocks, announcing plans to develop up to 500 more residential units on the accompanying properties.

The Kelson Group has announced its purchase of The Pines and The Oaks, at the intersection of Fourth Avenue and Battle Street.

Both are ten-storey, concrete apartment buildings.

According to the Western Producer, purchase price for the apartment complexes was $24 million, to Argus Homes.

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Kelson says it plans to renovate all 165 suites upon turnover of the tenants.

Kelson has also purchased parcels of land between Fourth and Fifth Avenues on both Nicola Street and Battle Street, as well as a vacant lot on St. Paul Street.

According to a news release, the company plans to build four to six multi-family buildings on those properties over the next ten years, “comprised of a mix of rental suites, condos and townhomes.”

The release also states the company plans to add green spaces “to enhance the feeling of a social, interactive and connected community.”