An 11-unit apartment building, known as Bel Aire Apartments at 6356 East Boulevard, has sold for $4,710,000, or $428,000 per unit, or a 2.10% cap rate. The buyer is East Boulevard Property (Westland) Ltd. The building had been listed for sale for $5,000,000.
An application has been submitted for a 7,686 SF site on East Pender Street near Commercial Drive in East Vancouver. The plan calls for a 5-storey mixed-use building with two levels of office space and three levels of residential space containing 15 residential units and 14 underground parking stalls. The site is zoned MC-1, which conditionally allows a mix of uses.
The site, currently improved with a single storey industrial building, was acquired earlier this year for $1,830,000 by Epix Developments.
Groundbreaking occurred yesterday for a project that has been in the making for years. Hollyburn Properties officially commenced construction of M2 (Marlborough Tower 2) yesterday, a 14-storey rental apartment building located at the corner of 14th and Chesterfield, directly adjacent City Hall. The project had originally been envisioned back in 2005 as part of a land swap with the City, but was left as a parking lot until now.
Thank you @CityOfNorthVan @DarrellMussatto, breaking ground w/ us on 14th & Chesterfield. Purpose built #rental pic.twitter.com/wLoB8xMuWA
— Hollyburn Properties (@HollyburnPpty) October 29, 2014
The building is expected to be ready for occupancy in Summer 2016 and will contain 130 units starting at $1,100 per month. The suite mix is as follows:
More info on the building can be found here: http://www.rentersguide.com/marlborough-tower-2 .