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:

• 10 Townhouses
• 6 Penthouses
• 50 – 2 Bedrooms
• 70 – 1 Bedrooms

More info on the building can be found here: http://www.rentersguide.com/marlborough-tower-2 .

Another Metrotown apartment building has sold; this time at 6695 Dunblane Avenue, closer to Royal Oak Avenue. The 38 unit building is located on a 25,504 SF site and is zoned RM-3. The purchase price was $9,360,000, or $246,316 per unit.