Abbotsford multi-family development land sold for $26M
The 12.56-acre site is zoned for midrise development and sold for more than $6M above assessed value
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Two development land parcels in Abbotsford have sold for $26 million, Cushman & Wakefield tells Western Investor.
The properties are situated in a predominantly residential neighborhood this is close to Highstreet Shopping Centre – a popular shopping destination – and is in close proximity to main transit corridors. Alf and Bruno Wall – the well-known developers who purchased the parcels – intend to develop it into a multi-family project. These are among the best parcels of land in Abbotsford to sell in recent years because of the potential to build townhouse and condo projects. The parcels are currently zoned for midrise development.
The properties are located 3174 Mt. Lehman Rd. and 30530 Cardinal Ave., Abbotsford.
Lot Size: 12.56 acres
Property Type: Land
2017 B.C. Assessment Value: $19,240,000
Date of Sale: 04/30/2018
Name of Brokerage: Cushman & Wakefield
Name of Vendor: David Froese
Name of Buyer: 1159461 B.C. LTD.
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