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.
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 .
12-unit Gleneagles townhouse project proposed in West Vancouver
A new proposal has surfaced for the parking lot next to Waterfront Station.
The redesigned project includes a 26-storey, 416,000 SF office tower, shaped like a tree, cantilevered over the existing station building.
Architect: James Cheng
Details: https://bit.ly/46aUB0W
