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Burnaby multifamily property trades with plenty of upside

Vibrant location and rental growth potential drives Edmonds town centre sale
Casa Mia Apartments, a 56-unit multifamily property on Balmoral Street in Burnaby, sold for above assessed value on Feb. 29.

DEAL | Casa Mia Apartments, a 56-unit multifamily rental property located at 7268 Balmoral Street, Burnaby, sold Feb. 29 for $16.2 million. This was a premium to the assessed value of $15.875 million. Situated on a 0.9 acre corner lot zoned RM-3, the meticulously maintained property was built in 1967 and owned by the same family for more than 40 years. Its location in the rapidly expanding Edmonds town centre makes it attractive to tenants with upside for investors. Cushman and Wakefield represented the vendor while Avison Young represented the buyer.

PRICE | $16,240,000

FROM | David Venance, Patrick Hannah, Chris Harper, Cushman & Wakefield