A 32-unit rental apartment building in Burnaby’s Metrotown neighbourhood sold in May 2026 for $10,500,000.

Key Details:

• Sale Price: $10,500,000
• Price/Unit: $328,125
• Cap Rate: 4.8%
• Number of Units: 32
• Lot Size: 20,569 SF lot

The property at 5087 Irving Street is a three-storey, wood-frame apartment building constructed in 1969, situated on a 20,560 SF corner lot fronting both Irving Street and Newton Street in Burnaby’s Metrotown neighbourhood. The building contains 9 bachelor, 16 one-bedroom, and 7 two-bedroom suites averaging 629 SF, with one level of underground parking and 32 stalls. The net operating income at the time of sale was $500,528, reflecting a going-in yield of 4.77% on the purchase price.

The sale was brokered by Simon Lim, James Lang, and Jessica Hathaway of Colliers, who had marketed the property at an asking price of $12,800,000.

Beyond its income characteristics, the site carries significant redevelopment potential. Under Burnaby’s 2050 OCP draft, the property is designated High-Rise Apartment 1, permitting up to 30 storeys with the ability to increase to 40 storeys through density bonusing — a designation that attracted considerable developer interest during the marketing campaign. The property is within walking distance of both Metrotown and Royal Oak SkyTrain Stations on the Expo Line.

At $328,125 per unit, the sale sits modestly above the Burnaby apartment average tracked on this site, reflecting the transit proximity and redevelopment upside of the Metrotown location.

The property is located in Burnaby, on the north side of Irving Street between Marlborough Avenue and Royal Oak Avenue in the Metrotown neighbourhood.

A 14-suite apartment building in North Vancouver’s Lower Lonsdale neighbourhood has sold for $4,700,000, or $335,714 per unit, at a 4.0% cap rate.

Details:

• Sale price: $4,700,000
• Price/unit: $335,714
• Cap rate: 4.0%
• Units: 14 (10 two-bedroom, 4 one-bedroom)
• Lot size: 6,534 SF
• Year built: 1954
• Sale date: May 2026

Known as Stanita Court, the property is a three-storey-plus-penthouse wood-frame building constructed in 1954, situated on a 6,534 square foot lot with 50 feet of frontage on East 6th Street. The unit mix comprises 10 two-bedroom suites and 4 one-bedroom suites. The building includes four surface parking stalls and owner-operated shared laundry.

The property is zoned CD-316 and designated Residential Level 6 under the City of North Vancouver’s Official Community Plan, located in the Lower Lonsdale submarket.

The property was listed and sold by Goodman Commercial.

A 16-unit low-rise apartment building known as Britannia View Apartments at 1150 Cotton Drive in East Vancouver’s Grandview-Woodland neighbourhood has sold for $5,067,000 — or approximately $317,000 per unit.

• Sale Price: $5,067,000
• Price/Unit: $317,000
• Building Size: 16 units
• Lot Size: 7,884 SF 

The property is a three-storey plus penthouse wood-frame building constructed in 1961, situated on a 7,884 SF corner lot with frontage on both Cotton Drive and William Street. The unit mix consists of five bachelor suites, nine one-bedroom units, one two-bedroom unit, and a bachelor penthouse suite. The building is zoned RM-4 and falls within the Grandview-Woodlands Community Plan, which designates the site for Residential Low-Rise with a long-term potential of up to six storeys under the Britannia Woodland Apartment guidelines.

1150 Cotton Drive is located in Vancouver’s Grandview-Woodland neighbourhood, zoned RM-4 with long-term redevelopment potential under the Grandview-Woodlands Community Plan.

A rezoning application has been filed to redevelop 3696 Kingsway, a Telus ‘Central Office’ at the Southwest corner of Boundary and Kingsway that has housed telecommunications equipment for many years.

The application by LPI Management (Ledcor), seeks to rezone the site from C-2 to allow:

• 233 rental units;
• 10,100 SF of retail space;
• a 2-storey telecommunications facility;
• a total density of 6.43 FSR

The full application can be viewed at shapeyourcity.ca/3696-kingsway.

The architect for the project is Arcadis.

A newly constructed 24-unit rental apartment building at 11300 Pazarena Place in Maple Ridge has sold for $17,250,000.

The three-storey building, completed in 2024 and branded as Crestwood, sits on a 25,575 SF lot adjacent to the Lougheed Highway corridor, next to Polygon’s Provenance townhome community.

• Sale Price: $17,250,000
• Price per Unit: $718,750
• Units: 24
  • 10 one-bedrooms, 6 two-bedrooms and 8 three-bedrooms
  • Average unit size 770 SF

The residential component sits above a fully leased daycare facility comprising 7,173 SF currently occupied by Hava Childcare Academy.

The vendor was Polygon with the purchase completed by Anthem Crestwood Holdings Ltd.

The transaction was brokered by a four-person Cushman & Wakefield team: Chris Harper, David Venance, Patrick Hannah, and Alex Priatel. More detail on the listing can be found here.

The $718,750 per-unit figure is notable for a suburban Fraser Valley asset, reflecting the premium that newly built, purpose-built rental product commands — particularly when paired with a stable commercial income stream. For context, the quarter’s largest comparable multifamily deal in the City of Vancouver — a newer 31-unit building at 727 East 17th Avenue — traded at $694,000 per unit, making Crestwood’s per-unit pricing competitive with, and slightly above, that benchmark despite its Maple Ridge location. The daycare tenancy at grade likely played a meaningful role in underwriting the price, providing a long-term commercial lease to anchor the income profile of an otherwise fully residential building.

Cap rate was not disclosed.