The Goodman’s broker another multi-family apartment transaction, this time in Vancouver’s Downtown West End. The subject property is located at 1075 Burnaby Street, Vancouver. The property located on the northeast corner of Burnaby and Thurlow and is improved with a three-storey plus penthouse building, featuring 20 suites. The asking price for the building was $3,850,000 and sold for $3,325,000, representing a stabilized capitalization rate of 4%. The building did need some work done to it.
The Goodman’s brokered another Apartment deal in Vancouver, this time selling the pair of apartments for a combined $4,875,000, representing a 4.7% cap rate. The two apartment buildings have 23 units each, built in 1966 and are across the street from each other. 8666 Heather is named Bridgeview Court and 8669 Heather is named Lonsdale Court, both a short walk from the Marine Drive Canada Line station in the Marpole Area. The original combined asking price for the properties was $5,350,000.
Colliers recently brokered the sale of a 77-Unit Mixed-Use Apartment Building at 1415 St. Georges Street in North Vancouver. The apartment and commercials units were all strata-titled. The sale price of the property was $10,850,000. The building consists of several ground-floor retail units and doctors offices as well as the residential units.
The Goodman’s brokered the sale of a nine-storey, 73-unit apartment building in New Westminster, at 525 11th St. The lot area of the property is 0.61 acres and zoned RM-4. The original asking price was $11,000,000. The actual selling price of the property was $10,950,000. The building is approximately 38 years old, and was recently renovated according to the Goodman Report.
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Onni has applied for a development permit to erect a 125-unit, nine-storey high-rise at 2321 Scotia Street, one block east of Main. The site is a corner lot on Scotia and 7th. The project was originally to be developed by the Eden Group, and branded as Elyse, but was cancelled due to high development costs. Onni has now taken on development of this property.
Colliers International’s Unique Properties Group has successfully brokered the sale of another Church property in Vancouver, located at 1401 Comox Street. The subject property has a lot area of 17,200 square feet and was assessed for $5,661,100. The property has a St. John’s United Church Building, with a total floor area of over 13,000 square feet and is zoned RM-5 Multiple Dwelling District. The asking price for the property was $4,495,000 and sold for $4,250,000.
The King’s Court apartments at 3846 Sunset Street in Burnaby, BC were recently sold for $1,773,137 with an original asking price of $1,900,000. The building features 14 units – 4 Bachelor, 8 One-Bedroom and 2 Penthouse. The zoning for the property is RM-2 Multi-Family residential and has a lot area of 11,163 square feet. The Building is a four-storey, woodframe building, and the property is assessed at $1,627,000.
Polygon has just applied for the development permit to build a new community within their master planned community of Windsor Gate. The property is located at 1153 Kensal Drive in Coquitlam, BC. and is a proposed 4-storey woodframe condominium, featuring 72-units.
Bill Goold has closed another deal on 222 East 15th Avenue in Vancouver. The property is improved with a 12-unit, low-rise, woodframe apartment building called The Sonata. The property sold for $1,550,000, with an original asking price of $1,750,000. The assessed value for the property is $1,456,000, and the potential cap rate according to Bill Goold’s website is 5.31%.
Bill Goold’s team has sold another small apartment located at 1621 St. Georges Avenue, North Vancouver, featuring 14 suites and 9299 square feet of rentable area. The building is named Hartwick Apartments. The 43 year old building was assessed at $1,649,000, and sold for $2,275,000. The original asking price for the property was $2,400,000. The net revenue for the property for 2008 was $117,309, representing a selling cap rate of 5.15% based on 2008 income.