A 14-unit apartment building in the South Granville area has sold for $4,000,000, representing a 3.4% cap rate and $286,000 per unit. The building had originally been listed for $5,000,000, but the price was later reduced to $4,400,000. The building, known as St. Charles Apartments, was built in 1927 but was substantially renovated.

Darwin Construction has applied to the District of North Vancouver to rezone 4 single family lots at 1561-1583 Oxford Street. The proposal is for 107 rental apartment units and 2,168 sq ft of commercial floorspace in a 6 storey building over 96 parking stalls. The proposed density is 3.35 FSR, which exceeds the 2.5 FSR medium density floor space envisioned in the District’s Official Community Plan.

The site located at the south end of the Lower Lynn Town Centre adjacent to Phibbs Exchange. The Lower Lynn Area Plan is expected to be adopted later in 2013.

The Monterey Apartments at West 10th Avenue and Hemlock Street in the South Granville area has sold. The 17-unit heritage ‘C’ class building had been listed for sale in 2012 with an asking price of $4,800,000. It sold in January for $4,497,000, equating to a 3.6% cap rate and a price per unit of $265,000. The building was built in 1925. The buyer was Premier Pacific Properties.

After more than 50 Vancouverites signed up to speak at a public hearing Tuesday night, city council planned to push back its vote by two weeks on a controversial plan to rezone a prime piece of waterfront real estate in the city’s West End.

Many of the planned speakers were locals asking city hall either to reject the plan or force affordable housing into a Beach Towers rezoning application that proposes the development of 133 units available at above-market rental prices.

“We want a third of these units to have a starting rent that’s targeted to the median income in our community,” said Christine Ackermann of the West End Residents Association. “I think it’s our job to push city hall for more affordability and I think they can get it.”

The rezoning hearing for the Beach Towers STIR project (click here to view rezoning application documents) is happening now. 

Click here to watch the proposal live.