Allied REIT has acquired 948 Homer Street, a 4-storey office building located in Yaletown. The building is 45,321 square feet and was built in 1931. It features high ceilings and openable windows. The purchase price was $18,500,000, representing $408 per sq ft.
This is Allied REIT’s second office building acquisition in Vancouver after acquiring 840 Cambie Street earlier this year.
520 10th Street, a 3-storey, 50 unit walkup apartment building in New Westminster has sold for $5,500,000, representing $110,000 per unit and a capitalization rate of 5.6%. The building is woodframe and was built in 1967.
Western Coast Investments Ltd. has acquired the Comfort Inn Vancouver Airport Hotel at No. 3 Road and Sea Island Way in Richmond, B.C.
The hotel contains 129 rooms. The purchase price was $8,533,000, representing $66,147 per room. The site is 1.6 acres.
The zoning in the area is for hotel commercial. The official community plan is Urban Centre T5, which allows a variety of uses.