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.