Top 5 Apartment Deals of 2013
2013 was a relatively quiet year for multifamily sales. After some fairly large deals over the past few years, there were relatively few large deals this year, save for a pending portfolio of 5 buildings in the West End and North Vancouver that were marketed by CBRE.
Why so few large deals? Chalk it up to a lack of sellers and values that have reached unsustainable heights. Buyers continue to be well-established owners looking to slowly build their portfolios, or local and offshore private equity simply looking to place capital in safe locations.
Here are the top 5 apartment deals of 2013 (ranked by purchase price):
1. 
1952 Comox Street – a building known as “The Breakers” sold to well known landlords Hollyburn Properties in August for $16,350,000. The 10-storey, 61 unit building was built 1964. The cap rate was reported to be 4.8%. This was an off-market deal.
2. 1929 West 3rd Avenue – This 53-unit Kits lowrise apartment was put on the market with the Goodmans in 2012 and sold in January of this year for $15,200,000; equating to a 3.8% cap rate and $286,000 per unit. The building was built in 1973 and contains 47 one-bedrooms and 6 two-bedrooms.
3. 1715 West 11th Avenue – Granville Villa, a 65-unit apartment building located at West 11th Avenue and Pine Street in the South Granville area of Vancouver sold in July for $14,867,000; equating to a 3.3% cap rate, and $228,000 per unit. The 3-storey building was built in 1973 and contains mostly one-bedrooms and bachelor units. The building had been listed for sale for $16,500,000. The buyer was local private equity.
4. 990 Bute Street – this 36-unit apartment building at the corner of Nelson and Bute was sold off-market to well-known apartment owner Belmont Properties in May 2013. The building had been fully renovated by the previous owner. The $13,000,000 purchase price represents a 4.1% cap rate and $360,000 per unit.
5. 30 East 11th Avenue – This 66-unit highrise was purchased by local investor Raymond Heung in August. The 10-storey concrete building was built in 1976 and was formerly owned by The Baptist Housing Society of B.C.