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.

FDG Property Management has submitted a rezoning proposal for 161-165 E. Keith Rd. to allow the construction of a 93-unit 16-level residential building with 52 strata units, and 41 purpose built rental units secured in perpetuity and involving a density transfer/sale from adjacent City owned lands. The lands under consideration include Site B (12,598 SF) and the adjacent City Parcel Site A (7,600 SF) which have a combined area of 20,198 SF. This combined site shown below.

The existing rental building on the site, Park Lane Manor, was constructed in 1954 and has 12 units. As such, it is one of the older purpose-built rental buildings remaining in the City and is in relatively poor condition. It will be replaced by this proposal.

The first tower being proposed in the transformation of Brentwood mall could give Burnaby a big boost in rental housing.

“A total of 591 apartment units are proposed, 300 of which are intended to be purpose-built rental units to be owned and operated by the developer, Shape Properties Corp. and their funding partners,” said a city staff report.

Shape Properties, which owns the mall, has applied for a rezoning of the southwest corner of the 28-acre mall site to allow for a 53-storey tower on top of a three-storey commercial podium for which it earlier applied for a rezoning…

The first tower would be located atop the commercial podium at the corner of Willingdon Avenue and Halifax Street. The project would include two separate lobby areas complete with concierge services and elevators at ground level, with the rental lobby facing Willingdon and the strata lobby fronting onto Halifax.

The first floor of the tower, on top of the podium, would be a combined rental and strata amenity level, including a fitness facility, media and games rooms, lounge, kitchen and dining area and two guest suites.

From there, the first 25 floors will accommodate the rental units and the upper 27 levels will be designated for condominiums.

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