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.
Here is a snapshot of pricing for resales of concrete condos in Vancouver’s submarkets over the past two years. It shows moderate price gains in most areas, with those more pronounced gains in Burnaby and North Vancouver as a result of newly completed projects which saw some resales upon completion.
The analysis used only condos built since 1999 and concrete construction. Surrey was the only submarket without any price growth since 2012.
5-year Bond Yield, March 18, 2014
Source: Bank of Canada
