A 51-suite apartment building at the corner of Knight Street and East 15th Avenue, across from Clark Park has sold for $21,000,000.

The 5-storey concrete building was completed in 2017 by Conwest Developments, the vendor. It has 31,225 SF of rentable area in a mix of one studio, 32 one-bedroom and 18 two-bedroom suites. It also has 25 secured underground parking stalls, 38 storage lockers, in-suite laundry and a private garden. It sits on a corner lot in Kensington-Cedar Cottage zoned CD-1.

The property was marketed at $24,500,000 and sold about 14% below that ask. At $411,765 per unit, the price lines up with what newer, well-located East Van purpose-built rentals are trading for. The 5.1% cap rate is based on the marketing net operating income of $1,070,896. A buyer of a 2017 concrete building is paying for low near-term capital needs. The vendor’s materials noted good physical condition and no significant capital expenditures.

Sale details

• Sale price: $21,000,000
• Price per unit: $411,765
• Price per SF: $673
• Cap rate: 5.1%
• Building size: 31,225 SF
• Lot size: 17,685 SF

Goodman Commercial acted as listing agent in the sale.

A 22-unit apartment building in the heart of Downtown Maple Ridge has sold for $4,600,000. The sale prices out at $209,091 per unit and a 6.3% cap rate, and it adds a useful data point for Fraser Valley apartment values.

Sale details

• Sale price: $4,600,000
• Price per unit: $209,091
• Cap rate: 6.3%
• Building size: 22 units (16 one-bedroom, 6 two-bedroom)
• Lot size: 18,905 SF

The property

11901 222 Street is a three-storey, walkup apartment building constructed in 1966, sitting on a corner lot in Maple Ridge’s Town Centre between Dewdney Trunk Road and Lougheed Highway. The building offers covered parking, storage lockers and shared laundry. The property is zoned RM-2 (Medium Density Apartment Residential) and sits within the Town Centre Flexible Mixed-Use designation in the Official Community Plan, which gives it long-term redevelopment optionality on top of the in-place income. It is also a short walk to the Port Haney West Coast Express station and Downtown Maple Ridge amenities.

How it compares

At $209,091 per unit, the sale sits at a discount to the Burnaby and Langley apartment averages we track, and in line with other older, lower-rise product across the region. For reference, Mainstreet Equity’s October 2026 purchase of two Brow of the Hill buildings in New Westminster priced at roughly $198,000 per unit overall, with individual buildings at $181,000 and $217,000 per unit and cap rates between 4.8% and 5.9%. Maple Ridge’s 6.3% cap rate reflects the premium buyers still demand for the eastern Fraser Valley relative to the core.

Market Takeaway

The vendor acquired the property in December 2018 for $3,580,000, or $162,727 per unit. The sale price represents an increase of about 28% over that purchase price, even though the final price landed well short of the original ask of $5,700,000. For owners of older Fraser Valley apartment buildings, this sale is a reminder that values have held up since 2018, but that buyers are pricing off in-place income rather than headline asks.

Dan Chatfield of Paradigm and Raymond Townsend of Colliers represented the vendor on the sale.

A corner mixed-use building in East Vancouver’s Cedar Cottage neighbourhood has sold for $3,700,000. 3589–3599 Commercial Street is located at the corner of Commercial Street and East 20th Avenue.

Sale Details

• Sale price: $3,700,000
• Price per SF: $617
• Cap rate: approx. 5.3% (based on marketing NOI of $195,000)
• Building size: 6,000 SF
• Lot size: 4,182 SF

About the Property

The two-storey building has four ground-floor commercial units and four residential units above: three two-bedroom suites and one one-bedroom plus den. Lennard Commercial Realty marketed it as fully leased, with two commercial tenants each occupying two units and four residential tenants. The building was renovated in 2012. Residential tenants pay their own heat and hot water, and each suite has in-suite laundry. The corner lot carries a heritage-style look, and it sits within walking distance of Trout Lake Community Centre and John Hendry Park.

Pricing in Context

Lennard listed the property at $3,890,000, which was a 5.01% cap rate on the marketing NOI. The final price came in about 4.9% below the list price. The sale price was also slightly above the 2026 assessed value of $3,660,000. Allon Shapiro and Ari Gelmon of Lennard Commercial Realty represented the vendor.

What It Means for the Market

Small, fully leased mixed-use buildings on Commercial Street are a tightly held product type, and this sale gives a fresh data point for East Vancouver street-front investments. A sub-$4 million price, a cap rate above 5% and a walkable, community-oriented location drew buyer interest in a market where yields on Vancouver retail have been compressed.

Looking at selling a mixed-use or retail property in East Vancouver? Contact David Taylor at Colliers for an opinion of current market value.

The City of Vancouver is reviewing an application to rezone 2150 West 16th Avenue from R1-1 to CD-1 to permit a 6-storey, 100% market rental building. The site is a single 50-foot, mid-block lot on the south side of West 16th Avenue between Yew Street and Arbutus Street in Arbutus Ridge.

The application is being considered under the City’s Transit-Oriented Areas (TOA) Rezoning Policy. The site sits about 695 metres from the future Arbutus Station on the Broadway Subway, inside the 800-metre Tier 3 radius, where the policy supports six to eight storeys and up to 3.0 FSR for secured rental. The applicant is PCubed (P Square Engineering and Construction), with B Squared Architecture as architect.

• Replaces a 1944 single-family house with a six-storey, wood-frame rental building
• 24 market rental units: 16 two-bedroom (avg. ~865 SF) and 8 three-bedroom (avg. ~1,036 SF)
• 2.89 FSR (about 21,695 SF)
• 60 ft in height
• Open-air exterior corridors and a single exterior stair
• Rooftop amenity deck plus an indoor amenity room on level two
• Underground parkade off the lane with 12 stalls (9 regular, 2 accessible, 1 shared loading) and 63 bike spaces
• Envelope Pathway under the Green Buildings Policy, with electric heat pumps
• CAC exemption sought under the TOA policy’s low-density provisions

Most TOA rental rezonings on the west side rely on assembling two or more lots. This one tests whether a single 7,496 SF lot can carry a six-storey rental building on its own, and the TOA policy sets no minimum lot size in Tier 3.

Full rezoning application: https://www.shapeyourcity.ca/2150-w-16-ave

Mainstreet Equity Corp. has acquired a two-building apartment portfolio on St. Andrews Street in New Westminster’s Brow of the Hill neighbourhood. The sale closed in early October 2026 at $18,000,000, or $197,802 per unit across 91 suites.

The portfolio is made up of Twin Hollies at 1010 St. Andrews Street and St. Andrews Manor at 1025 St. Andrews Street. They sit on opposite sides of the street between 10th and 11th Avenues, within walking distance of Moody Park and the Uptown District. Downtown New Westminster and the SkyTrain stations are less than 1 km away.

Twin Hollies is a 43-suite, three-storey wood-frame building from 1968. It has an elevator, 33 surface stalls, and 42 storage lockers. Recent upgrades include a new roof and boilers in 2025 and new front doors in 2026. St. Andrews Manor is a 48-suite, 1969 wood-frame building with an elevator, 43 parking stalls, and 47 lockers. Both buildings are zoned RM-2.

Goodman Commercial marketed the properties, which were offered either individually or as a package. Their combined asking price was roughly $21.2 million, so the portfolio traded about 15% below ask.

The sale shows institutional buyers are still active in older low-rise rental buildings in the Fraser Valley and outer Metro Vancouver. Pricing of about $198,000 per unit is well below Burnaby and the North Shore, where comparable deals trade at much higher per-unit values.

Pricing details

Portfolio

• Sale price: $18,000,000
• Price per unit: $197,802
• Cap rate: 5.3% (blended, on marketing-stage NOI)

St. Andrews Manor, 1025 St. Andrews Street

• Sale price: $8,672,980
• Price per unit: $180,687 (48 units)
• Cap rate: 5.9%
• Lot size: 30,492 SF

Twin Hollies, 1010 St. Andrews Street

• Sale price: $9,327,020
• Price per unit: $216,907 (43 units)
• Cap rate: 4.8%
• Lot size: 26,136 SF