DEAL | Thirty residential strata units comprising the upper three storeys of 2928 Commercial Dr., Vancouver, sold Aug. 5 for $11.9 million. The units sold en bloc as a stratified investment property held by a single owner. The deal did not include four commercial strata units at grade. The sale price averaged $297,500 per unit at a cap rate of 4.4 per cent, well above the projected rate of 3.7 per cent at listing. Zoned C-2C1, the property was built in 1991 and offers flexible value-add options either as an ongoing multi-family rental asset or via the renovation and sale of individual units or redevelopment under municipal transit-oriented area provisions.
PRICE | $11,900,000
FROM | Mark Goodman, Ian Brackett and Megan Johal, Goodman Commercial Inc.
