I am pleased to have acted on behalf of the Vendor and Purchaser in the sale of this West End apartment building with laneway housing potential.
Contact me if you’d like to learn more about what’s selling in the West End and about what the new West End Community Plan means for existing apartment properties.
A portfolio of five apartment buildings that was offered for sale in 2013 has sold to a private investor from China, now based in Vancouver. The 5-building, 193 unit portfolio of buildings in the West End and North Vancouver sold at a blended average cap rate of approx. 3.75%.
The largest and most prominent building among the five assets, is Pacific Beach Apartments, a 56-unit concrete highrise located at Jervis and Beach Avenue. The building sold for $15,200,000, representing $272,000 per unit.
Vancouver City Council will vote this week on whether to approve the Pearson Dogwood Policy Statement.
The Policy Statement will guide the rezoning and redevelopment of the 25.4 acre Pearson Dogwood site at Cambie and 59th that is controlled by the Province/Vancouver Coastal Health. It considers the future mix of uses, density, height, building forms, character, public spaces, circulation and movement, and parks and community facilities to serve the new and existing community. Below is a summary:
745 Clark Drive in East Vancouver has sold for a reported $4,000,000. The 21,000 SF office building is located on the northwest corner of Clark Drive and East Georgia Street. Recently renovated with exposed timber beams, the building is in excellent condition with potential for expansion on the 15,030 SF lot. Gated parking facilities are available on site. The price represents $191 per SF.