Park Strand Apartments, located at 1999 Nelson Street, a 50-unit walkup apartment building in the West End of Vancouver has sold for $14,925,000, or $298,500 per unit. The building was built in 1951 and was purchased by a private local investor. The net operating income at the time of sale was projected to be $496,000, representing a 3.3% cap rate. The property had been listed for sale; click here for a brochure.

Anthem Properties recently announced the acquisition of the BC Electric Building, a 119,334 square foot office building located at in intersection of Hastings Street and Carrall Street.  The price was undisclosed.

Metro Vancouver commercial real estate sales reach record $1.42 billion.

Commercial real estate transactions in Metro Vancouver reached an unprecedented six-month total of $1.42 billion during the first half of 2012, breaking the previous record of $1.03 billion set during the first half of 2010, according to a report released Wednesday.

The figures point to a longer-term surge and confidence in commercial land investments, experts say, but belie anxiety over diminishing industrial land availability as it gives way to more apartments and office towers.