Lake Country multi-family rental building sells for $281K per door

Skyline Apartment REIT pays $20 million for 71-unit Okanagan building, $3.4 million above assessment

By
for Western Investor
March 10, 2020





DD lake country lofts

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.

Breakdown:

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


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