The sale of two older rental apartment buildings in Burnaby’s Metrotown area reveals the value of land with potential for higher-density multi-family development.
One of the older buildings, a low-rise with eight rental units, sold for the breathtaking price of $440,000 per suite. A nearby 20-unit low rise rental apartment building on Beresford Street sold for $6 million, or $300,000 per door. Beresford Street is transforming into a new higher-density “high street” in Burnaby, which explains the startling land values. Both properties were sold by agents Terry Harding, Jackson Tang and Brandon Harding of NAI Commercial, Vancouver, as part of a future development site.
From: Macdonald Realty, Kelowna
Agent: Tim Down
Deal: 49-unit apartment rental building, Vernon
Price: $4.15 million
Deal: 14-unit apartment rental building, Penticton
Price: $1.4 million
From: Cushman & Wakefield, Edmonton
Agent: Brandon Kuhn
Deal: 37,118-square-foot, multi-tenanted mid-rise C-class office building, downtown Edmonton
Price: $4.95 million
From: NAI Commercial, Vancouver
Agents: Terry Harding, Jackson Tang and Brandon Harding
Deal: 13-unit rental apartment building with Fraser River views, near transit, on Fifth Avenue, New Westminster
Price: $2 million
Deal: 21-unit rental apartment building, Fifth Avenue, New Westminster
Price: $3.18 million
Deal: 13 suites in strata-titled apartment building, Hinton Road, Surrey
Price: $2.07 million
Agents: Angie MacDonald and Don MacDonald
Deal: 14,400-square-foot retail building, Lougheed Highway, Coquitlam
Price: $4.12 million
Agents: Ken Kiers and Ken Hick
Deal: 454-unit self-storage business on 4.6 acres in Courtenay, B.C.
Price: $5 million
From: Realty Executives Polaris, Edmonton
Agent: Rick Jenkins
Deal: Two adjacent rental apartment buildings with a total of 53 units, in the Southside area of Edmonton
Price: $8 million
From: CBRE national apartment group, Edmonton
Submitted by: CBRE senior vice-president Bradley Gingerich
Deal: Rental apartment portfolio of three buildings with a total of 316 units, a mix of townhomes and apartments, Edmonton
Price: $45 million
From: JLL national multi-residential investment team, Edmonton
Agents: Paul Gemmel, David Parker and Samuel Dean
Deal: 49-unit rental apartment building, close to university and downtown Edmonton
Price: $7.2 million
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