A portfolio of five apartment buildings that was offered for sale in 2013 has sold to a private investor from China, now based in Vancouver. The 5-building, 193 unit portfolio of buildings in the West End and North Vancouver sold at a blended average cap rate of approx. 3.75%.

The largest and most prominent building among the five assets, is Pacific Beach Apartments, a 56-unit concrete highrise located at Jervis and Beach Avenue. The building sold for $15,200,000, representing $272,000 per unit.

The City of Vancouver has received an application to rezone 587-599 West King Edward Avenue from RS-5  to CD-1 District. The proposal includes:

• restoration and designation of the heritage house at 587 West King Edward Avenue;
• 20 three-storey townhouses including five lane-facing lock-off units;
• a density of 1.39 FSR
• 40 underground parking spaces.

Vancouver City Council will vote this week on whether to approve the Pearson Dogwood Policy Statement.

The Policy Statement will guide the rezoning and redevelopment of the 25.4 acre Pearson Dogwood site at Cambie and 59th that is controlled by the Province/Vancouver Coastal Health. It considers the future mix of uses, density, height, building forms, character, public spaces, circulation and movement, and parks and community facilities to serve the new and existing community.  Below is a summary:

• a density of 2.8 FSR (gross)
• 3-28 storey residential buildings mixed with community space, commercial space, and a new transit station