A 4-storey walkup apartment building located at 6353 Royal Oak Avenue near Metrotown has sold for $4,930,000. The property was built in 1968 and contains 29 one and two bedroom units. The sale price equals $170,000 per unit, and a 4.4% cap rate. The building had been listed for sale at $4,980,000.
A 41,000 SF waterfront development site in White Rock, B.C has been sold to a local developer for $7,700,000. The property was an assembly of multiple lots including the White Rock Mufflers site. The site is zoned CS-1 and could be redeveloped with a low-rise residential building with commercial at grade. A previous rezoning proposal included 84 residential units.
Local reaction to the sale was reported in the Peace Arch News last month.
