The 71-unit Lake Country Lofts, on 1.9 acres in the Okanagan, has sold to Skyline Apartment REIT for $20 million, reports Institutional Property Advisors. The prices is $3.4 million above its B.C. Assessment value.
Type of property: Multi-family rental building
Location: 10650 Bottom Wood Lake Road, Lake Country, B.C.
Number of units: 71
Size of land: 1.9 acres
BC Assessment value: $16.6 million
Sale price: $20 million
Date of sale: March 2, 2020
Buyer: Skyline Apartment Real Estate Investment Trust
Brokerage: Institutional Property Advisors, a division of Marcus & Millichap, Edmonton
Brokers: Bradyn Arth, Paul Chaput, Bradley Gingerich and Jane Woertman