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Burnaby rental complex sold for nearly $3 million above assessed value

Ralf's Garden in Highgate was purchased for $12.8 million, The Goodman Report reports
ralf's gardens
The apartment building has 48 units and sold for $276K per door.
Price: 12,800,000
No. of Units: 48
Price/Unit: $266,667
Lot Size: 31,768 SFL
Property Type: Multi-family
Zoning: RM3
2016 B.C. Assessment Value: $10,030,000
Date of Sale: 12/09/2016
City: Burnaby
Province: B.C.
Name of Brokerage: HQ Commercial 
A three-storey, wood-frame apartment building in Burnaby’s Highgate neighbourhood has sold for $12.8 million.
Ralf’s Gardens is a 48-unit complex situated on a 31,768-square-foot lot. The building was built in 1968 and includes 48 underground parking stalls. The property has a net operating income of $280,953 and an assessed value of $10.3 million. The building has undergone renovations to the floors and countertops in most of the units’ bathrooms. 
Ralf’s Gardens is located at 7040 Arcola St., Burnaby, near Highgate Shopping Centre. 

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