Since January 2012, only five apartment buildings have traded hands in the North Vancouver area, three of which did so in 2013.
North Vancouver is a highly desirable municipality with multiple areas undergoing transition to higher density residential uses. Sales activity has remained relatively low recently due to a lack of available investment product.
The following transaction was structured as a share sale, whereby the purchaser acquired the holding company, 308 Forbes Avenue Holdings Ltd., and its assets.
- Address: 308 Forbes Ave., North Vancouver, B.C.
- Date of sale: April 22, 2013
- Sale price: $8.7 million
- Capitalization rate: 5.5 per cent
- Total number of units: 47
- Price per unit: $185,106
- Vendor: 308 Forbes Avenue Holdings Ltd.
- Purchaser: 308 Forbes Avenue Holdings Ltd.
- Brokers: Avison Young
This “new and notable transaction” was provided by Richard Vilner, research manager at RealNet Canada Inc., a leading Canadian real estate information services company that powers the decisions of firms involved in approximately 75 per cent of the market activity. He can be reached at [email protected].
