SOMBA K'E/YELLOWKNIFE - Northern Property REIT bought two more apartment buildings in Yellowknife last week.

The company acquired the Ptarmigan and Shaganappy apartment buildings on Con Road, a total of 100 units, in a transaction that closed April 1. The purchase price was not disclosed by press time.

The company already has 896 rental units in the city, 59 furnished executive suites and 437,049 square feet of commercial space, according to its website. The latest acquisition would add to those numbers.

"Northern Property is pleased that economic conditions have improved to the point that we are prepared to resume acquisition activities," Jim Britton, the company's president and CEO said in a press release. "The Yellowknife property is felt to have sufficient land to facilitate development of approximately 40 additional apartment units in the years ahead."

Northern Property said it plans to spend $2 million over the next two years on the newly-acquired buildings for suite renovations, common area improvements and the installation of a wood pellet boiler heating system.

"They're an important company here in Yellowknife and if they're spending more money in the NWT and making upgrades, of course that's a positive thing," said Patrick Doyle, president of the Yellowknife Chamber of Commerce. "That will benefit local business indirectly. We're always happy to see that."

Northern Property also acquired two 40-unit apartment buildings in St. Paul, Alta., about 200 kilometres northeast of Edmonton, on April 1.

Ptarmigan and Shaganappy were previously owned by Bond Street Properties, and were on the city's proposed auction list for tax arrears earlier this year. Bond Street owed a combined $126,799.51 in 2008 taxes on the two properties. The tax auction list estimated the apartment buildings were worth about $3 million each.