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.

Coquitlam multifamily assets have shown a steady increase in value over the past 5 years as cap rates for apartment buildings have dropped across the region. This market is predominantly characterized by low-rise buildings. The average sales value over the past five years in this market is about $125,000, a value range that is consistent with areas such as East Vancouver and New Westminster.

Ted Mildon & Matt Saunders are proud to announce the sale of 243 East 13th Avenue in Mount Pleasant.  243 East 13th Avenue is an 11 unit, three storey, apartment building with underground parking.  The sale price was $1.8 million.

For more information on this sale please contact Ted Mildon or Matt Saunders.