A 14-unit apartment building in the Kitsilano area of Vancouver has sold for $2,990,000, or $214,000 per unit and a cap rate estimated to be approximately 4.25%. The Afton Apartments is located at 2045 Maple Street, at the corner of 5th and Maple. The purchaser is Headwater Projects a local private equity firm.

From Canada Newswire

“VANCOUVER, Nov. 20, 2012 /CNW/ – Pure Industrial Real Estate Trust (TSX: AAR.UN) (“PIRET”) announced today that it has entered into conditional agreements to acquire $169.2 million of income producing properties (collectively, the “Acquisitions”), consisting of seven industrial properties representing 1,524,818 square feet of gross leasable area (“GLA”) located in Richmond and Surrey, British Columbia, Edmonton, Alberta, Toronto Ontario, and Quebec City, Quebec. The Acquisitions consist of a portfolio of two properties located in Richmond, British Columbia (the “Richmond Portfolio”), another property located in Richmond, British Columbia (the “Second Richmond Property”), one property located in Surrey, British Columbia (the “Surrey Property), two properties located in Edmonton, Alberta and Toronto, Ontario (collectively, the “Edmonton-Toronto Properties”) and one property located in Quebec City, Quebec (the “Quebec Property”).  The properties are being acquired at a weighted average going-in capitalization rate of 6.25%.”

New Westminster News Leader – Restaurant eyed for new building.

An open house will be held next Thursday for a proposed restaurant patio at the Queen’s Park West office complex under construction in New Westminster’s Uptown district.

It will be held Nov. 29 from 5 to 8 p.m., at 300-601 Sixth St.

Uptown Property Group are the owners of the building, which is on Sixth Avenue at Fifth Street.

Read more: http://www.newwestnewsleader.com/news/180187751.html