Here’s an update on a project that has flown under the radar. It’s an 18-storey residential tower on the site of what used to be the Legg Residence, a heritage mansion that was demolished in order to protect a tulip tree on the site. The project was originally approved in 2011 but only started construction in late 2014.
Photo by Tom_Kelsch
Oceanside Apartments, a 23-unit apartment building in the West End, has sold for $8,195,000. The 3-storey walkup, also known as Oceanside Hotel, was listed for $8,495,000. The listing brochure indicated that the property had been operated more recently as a hotel and that the Property “can be delivered vacant to a Buyer providing a rare opportunity for an investor to hand-pick tenants and rent out the renovated suites at true market levels.”
The cap rate was 4.4%, and the price per unit was $327,800. Both the seller and buyer were local private investors.
Westbank Corp. has taken over a proposed rental tower site in the West End. The site, located at 1754-1772 Pendrell Street, was originally proposed for a rezoning back in 2010 for a market condo project by DTKH with some rental units. The newly revised application by Westbank includes:
Westbank has recently recieved occupancy on their other new West End rental tower, The Lauren, also designed by Henriquez.