The landmark Beach Avenue four-building multi-family portfolio in Vancouver’s English Bay has been transferred between the two existing owners of an investment trust in a $305 million agreement, according to Mark Goodman who consulted on the arrangement with fellow Goodman Commercial Inc. principal Cynthia Jagger.
The share deal closed in February of 2019 and, according to Gooman, was valued at $305 million.
RealNet has been unable to verify the price because it was transfer of shares, not a market transaction.
Goodman announced the share transfer on April 16, 2020, once restrictions had been lifted.
The February 2019 transfer between the two partners of Beach Tower Investment Trusts Inc. would have presumably been for one-half of the value, or approximately $152.5 million, of the property's full value of $305 million.
In December of 2009 the property was purchased by Devonshire Properties (Beach Tower Investment Trusts Inc.) for $117 million, from Liberty Investments. At that time BC Assessment valued the property at $123.9 million.
The waterfront property sits on 2.7-acres of land and features panoramic water and cityscape views, Goodman noted, who suggests it is the most valuable multi-family portfolio in British Columbia.
The property was valued in 2029 at $295.9 million by BC Assessment.