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New Victoria rental building sells to REIT for $32.7M

Toronto-based REIT buys brand-new "Verve" multi-family building with 95 units at $344K per unit
DD Victoria apartment building REIT sale

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.


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