A 48-unit apartment building known as El Toro Apartments at the Northeast corner of East 2nd Street and St. Andrews Avenue in the Lower Lonsdale area of North Vancouver has sold for $9,900,000, or $206,250 per unit. The purchaser is a local private investor. The building had been listed for sale for $10,000,000 in the fall of 2014.
The Lotus Hotel, a six-storey building retail and apartment property located at West Pender and Abbott Street in Downtown Vancouver has sold for $17,900,000.
The building, built in 1913, was substantially upgraded in 2001 and 2009 The main floor and basement have been leased as a 12,000 SF retail tenant operating as The Pint Public House. The upper floors feature 110 bachelor suites, which are self-contained with kitchenettes (fridge, stove, sink) and three-piece bathrooms. These units reportedly average 210 SF.
The building was sold by Steve Fame at Colliers and had been listed for sale for $18,698,000.
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.
