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Saanich multi-family deal sets price benchmark on Island

The $81 million sale of a 208-unt rental complex set “a new benchmark” at $390,000 per door for existing multi-family assets on Vancouver Island, agents say.
Cushman & Wakefield, Vancouver, for Western Investor
1701-cedar-hill-c-saanich-bc-210623053310-251
Cushman & Wakefield, Vancouver, for Western Investor

Property type: Multi-family rental

Location: 1701 Cedar Hill Cross Road, Saanich, B.C.

Number of buildings: 2

Number of units: 208

Land size: 6.6 acres

Sale price: $81 million

Seller: QuadReal Property Group, Vancouver.

Buyer: Starlight Investments, Toronto

Date of sale: September 8, 2021 (closing date)

Brokerage: Cushman & Wakefield, Vancouver

Brokers: Don Duncan, Tim Sommer, David Venance