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.
