We are pleased to have acted on behalf of the buyer in the sale of 1016 West 13th Avenue, an 11-unit apartment building in the South Granville area. The purchase price was $3,200,000 or $290,000 per unit, and a 3.0% cap rate.

The buyer was a local private investor.

Morguard North American REIT signs two deals in U.S. worth a total of US$633M.

MISSISSAUGA, Ont. – Morguard North American Residential Real Estate Investment Trust (TSX:MRG.UN) has signed a pair of deals worth a total of US$633 million to buy 6,474 apartments and townhouses in the United States.

Under the first deal, the trust will acquire a dozen apartment and townhome complexes including a total of 3,752 units in Dallas, Denver, Tampa, Fla., Raleigh, N.C., and Atlanta.

The second deal will see the trust buy a dozen apartment and townhome complexes including a total of 2,722 units in Pensacola, Fla., Mobile, Ala., and south-west Louisiana from Morguard Corp.

The trust said it will assume about US$400 million in mortgages and pay the rest using other available sources of funds.

“Given investors’ exceptionally strong interest in apartments, it was only a matter of time before that interest extended to brokerage firms that specialize in bringing buyers and sellers of apartment properties together, and perhaps providing them with financing at the same time.

In a deal that closed on the last day of 2012, Berkadia Commercial Mortgage acquired Phoenix-based Hendricks & Partners, a national multifamily sales brokerage firm with 37 offices in the U.S. Berkadia is a commercial real estate lender and special servicer that was formerly part of Capmark Financial and is now owned by Warren Buffett’s Berkshire Hathaway investment firm.”

View the full article HERE.

An 8-storey, 43-unit apartment building located at Alma and West 5th on the Westside of Vancouver has sold for $12,800,000, equivalent to a 2.9% cap rate and $298,000 per unit. The building was built in 1966. 2121 Alma Street had been listed for sale in November 2012.

Devonshire Properties‘ plan for Beach Towers (1600 Beach Avenue and1651 Harwood Street) goes to council next week. The plan is to rezone from RM-5A to CD-1 to add 133 units on the existing four tower property with new infill development to be added as follows:

• on the Beach Avenue site, 118 new market rental units located within a four-storey building fronting Beach Avenue and a nine-storey building at Harwood and Cardero streets, a one-storey amenity building at Beach and Cardero streets, and enclosure of the bases of the existing towers, thereby increasing the allowable floor area by 89,095 sq. ft.; and
• on the Harwood Street site, 15 new market rental units located within two- and three-storey buildings, thereby increasing the allowable floor area by 10,906 sq. ft.

New building from courtyard

From the City’s rezoning report: “This application helps achieve City housing policies, specifically through the creation of a total of 133 units of new secured market rental housing. Staff have assessed the application and support the uses and form of development….Staff recommend that the application be referred to a Public Hearing, with the recommendation of the General Manager of Planning and Development Services to approve it, subject to the Public Hearing.”