The 3.3% capitalization rate is low compared with other North Vancouver transactions but is hard to compare given that other rental buildings that have sold in the area have been wood-frame structures and not any of the other 12 concrete mid-rises or high-rises.
"Wood-frame buildings and concrete ones are different animals," Goodman said.
The space has a net rentable area of 56,465 square feet, meaning the structure sold for about $452 per square foot.
Daniel Drimmer founded Starlight Investments Ltd. in 2011. He is a third generation real estate investor with more than 18 years of Canadian real estate experience.
Starlight has more than $3.5 billion of assets under management and a portfolio that includes 27,000 prime multi-family units in more than 350 properties located across Canada and the southeastern U.S., according to its website.
