A new purpose-built 95-unit rental apartment building in Victoria called Verve, built by Abstract Developments, has sold to a Toronto-based Centurion Apartment Real Estate Investment Trust for $344,000 per suite.
Breakdown:
Property type: Multi-family rental
Location: 433 Boleskin Road, Victoria
Number of units: 95
Property size: 18,729 square feet
Land size: 0.45 acres
Zoning: C-2BW (commercial; specific apartment zone)
List price: $32.7 million
Sale price: $32.7 million
Capitalization rate: 4.25%
Date of sale: August 7, 2019
Brokerage name: Colliers International, Victoria
Brokers: Ken Cloak, Grant Evans, Dominic Ricciuti
