Courtesy CBC

Ian Gragtmans of Colliers Toronto joins Kevin O’Leary and Amanda Lang on CBC to discuss REITs.

View the discussion HERE.

A 14-unit apartment building in the Kitsilano area of Vancouver has sold for $2,990,000, or $214,000 per unit and a cap rate estimated to be approximately 4.25%. The Afton Apartments is located at 2045 Maple Street, at the corner of 5th and Maple. The purchaser is Headwater Projects a local private equity firm.

Orr Development has applied to rezone 3002-3036 West Broadway from C-2C to CD-1 to build a 5-storey, 83-unit market rental building, with a total density of 3.5 FSR, and a height of 61 feet. A total of 26 commercial and 63 residential parking stalls are proposed. The site is 20,889 SF. Under the existing C-2C guidelines, the maximum height is 4-storeys with setbacks.

The project includes 16,000 SF of commercial space on the ground floor and includes 19 studios, 41 one-bedrooms, 19 two-bedrooms, and 4 three-bedrooms.

The rezoning application is being considered under the Rental 100: Secured Market Rental Housing Policy.

Steve Fame and John Gee of Colliers have sold The Langtry, located at 968 Nicola in the West End of Vancouver. The property is a 6-unit, fully furnished short-term rental property that was sold for $2,114,000, or approx. $350,000 per unit.

A 23-unit retail/apartment building in the Collingwood area of East Vancouver has sold for $6,825,000, or $296,700 per unit. The cap rate was 4.0%. The building is about 10 years old and has 4 retail CRU’s on the ground floor and 19 apartment units above. The building was listed for sale for $6,980,000.