Equiton Living has completed on the acquisition of Mountain Park Residences (formerly Oceana Court), a 117-unit lowrise apartment complex on a 2.7 acre site at 7070 Inlet Drive, at the base of Burnaby Mountain.

Details:

• Purchase Price: $46,625,000
• Cap Rate: 4.4%
• Price per unit: $390,000
• Year Built: 1967

The property was listed and sold by Cushman Wakefield: https://www.cwinvestmentproperties.com/listings/7070-inlet-drive-oceana-court-burnaby-bc-66/

OpenRoad Auto Group has submitted an application to the City of Surrey for a new auto mall in the Newton area of Surrey.

The site currently contains a large distribution warehouse and surface parking and loading areas. Significant portions of the site have been cleared but not yet developed. The site is located on 76 Avenue, two blocks West of King George Boulevard.

The plan for the site includes a new auto mall, including:

• Six bare-land strata lots;
• Five dealership buildings and one retail building;
• 1,044 parking stalls
• 0.24 FAR density

Full rezoning report: https://www.surrey.ca/sites/default/files/planning-reports/PLR_7925-0301-00.pdf

Vertex Developments in partnership with Fastmark Development has submitted a rezoning application for a site at East 10th and Victoria Drive in East Vancouver.

The proposal is to allow for the development of a 26-storey rental tower, and includes:

• 250 units (10% of the floor area at below-market rates);
• a total density of 10.8 FSR;
• A building height of 266 ft.

This application is being considered under the Transit-Oriented Areas Rezoning Policy and the Grandview-Woodland Community Plan. The application notes that it exceeds the existing policies.

The architect for the project is dys Architecture.

The full application can be viewed here: https://www.shapeyourcity.ca/2611-victoria-dr

A rezoning application has been submitted to the City of North Vancouver for a site in the Lower Lonsdale area for a new market rental apartment building.

The site at 341-347 West 4th Street is located mid-block between Forbes and Mahon Avenue, West of Lonsdale. The plan for the 8,391 SF site is for a new 6-storey rental building, that includes:

• 69 rental units;
  • 25 studio units;
  • 20 one-bed units;
  • 24 three-bed units
• a total density of 2.60 FSR.

The architect for the project is Gradual Architecture.

A 23-unit walkup apartment building in the Mount Pleasant area of East Vancouver has sold. The 1968 era building had been listed for sale for $7,500,000 by Mark Goodman.

Details:

• Purchase Price: $7,550,000
• Price per Unit: $328,261
• Cap Rate: 4.0%
• Site Area: 12,064 SF