Parklea Apartments, located at 151 East Keith Road in the Lower Lonsdale area of North Vancouver has sold for $25,500,000 to a group led by Daniel Drimmer. The price represents a 3.2% cap rate, and $290,000 per unit. The 88-unit, 15-storey concrete tower was built in 1975 and sits on a 28,000 SF lot. The building had been listed for sale for $27,000,000.
I am pleased to have acted on behalf of both parties in the sale of this 23-unit apartment property in the West End, located at 1075 Nelson Street. The purchase price was $9,000,000.
Renters could have more options in West Vancouver if Hollyburn Properties’ infill project is given the green light.
An additional 49 purpose-built rental units in two low-rise buildings could be built beside an existing highrise in Ambleside at 195 21st St.
The development proposal, Hollyburn Gardens, brings a change of pace for West Van.
In the last 30 years, most developers have steered clear of building rentals. There are currently 1,900 purpose-built rental units in West Van, most built during the 1960s and ‘70s in the Ambleside Apartment Area.
Many are vulnerable to loss as new developers move in and want to maximize the return on their investment in expensive district land.
Read more: http://www.northshoreoutlook.com/news/247300781.html
FDG Property Management has submitted a rezoning proposal for 161-165 E. Keith Rd. to allow the construction of a 93-unit 16-level residential building with 52 strata units, and 41 purpose built rental units secured in perpetuity and involving a density transfer/sale from adjacent City owned lands. The lands under consideration include Site B (12,598 SF) and the adjacent City Parcel Site A (7,600 SF) which have a combined area of 20,198 SF. This combined site shown below.
The existing rental building on the site, Park Lane Manor, was constructed in 1954 and has 12 units. As such, it is one of the older purpose-built rental buildings remaining in the City and is in relatively poor condition. It will be replaced by this proposal.
I am pleased to have acted on behalf of the Vendor and Purchaser in the sale of this West End apartment building with laneway housing potential.
Contact me if you’d like to learn more about what’s selling in the West End and about what the new West End Community Plan means for existing apartment properties.