Sale Price: $48,000,000
Price per Unit: $842,105
Cap Rate: 4.7%
Building Size: 75,120 SF (57 units, average 1,318 SF)
Lot Size: 9.44 acres
Known as Twin Lakes Estates, the property spans seven two-storey, wood-frame buildings originally constructed in 1971. The unit mix is exclusively family-sized, with 13 two-bedroom suites averaging 1,050 sq. ft. and 44 three-bedroom suites averaging 1,350 sq. ft. Each unit includes in-suite laundry, a fireplace, and 2.5 bathrooms, and the site offers 117 outdoor parking stalls — roughly half covered by carports.
The vendor, a joint venture between KingSett Capital and Starlight Investments (through IMH Twin Lakes Apartment Ltd.), had acquired the asset in April 2022 for total consideration of $52,500,000, or $921,053 per unit. Since then, the ownership group invested over $1.5 million in capital upgrades — approximately $918,000 renovating 45 of the 57 townhomes (79% of the portfolio) and roughly $646,000 on exterior common area, structural, and mechanical improvements.
Despite that repositioning spend, the current sale price per unit came in below the 2022 acquisition basis, underscoring the cap rate expansion that’s worked through Metro Vancouver’s institutional multifamily market over the past several years. The deal closed with Manulife Financial identified as purchaser.
At $842,105 per unit, Twin Lakes priced well above the broader North Vancouver apartment average of roughly $465,000 per unit — a premium attributable to the property’s low-density, garden-style townhouse format, its 9.44 acres of RM-5-zoned land, and an unusually stable, family-oriented tenant base that’s supported strong long-term occupancy.
JLL listed and sold the property: https://invest.jll.com/ca/en/listings/living-multi-housing/twin-lakes-townhomes-north-vancouver
Own an apartment building in Metro Vancouver? I can provide a confidential opinion of current market value. — David Taylor, Colliers · 604-761-7044
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