Beach Properties of Vancouver may have made as much as $70 million on the sale of Burnaby’s Lougheed Village rental apartment complex that it bought three years ago.
Lougheed Village has 528-suites in two 24-storey and two eight-storey concrete towers. The 7.3-acre parcel, close to the Burnaby-Coquitlam border and a SkyTrain station, also contains 50,000 square feet of retail space.
It was sold to Toronto-based Starlight Investments in a deal brokered by Lance Coulson, senior vice-president of CBRE National Apartment Group. It is the largest multi-family sale in B.C. in recent years and caps a white-hot market in Metro Vancouver during 2015.
Beach Properties purchased the Lougheed complex in May of 2012 for a reported $90 million. Citing confidentially agreements, Coulson could not release the most recent sale price, but two industry sources have estimated it went for $160 million.
From: Persis Holdings Ltd., Vancouver
Deal: Acquired the 199,138-square-foot University Heights Shopping Centre, set on 10.7 acres in Saanich, near Victoria
Price: $52 million
From: William Wright Commercial, Vancouver
Agent: Cory Wright
Deal: 45,108-square-foot retail and office complex on a 122,348-square-foot corner lot, Chilliwack, with nine retail tenants and three office tenants
Price: $10 million
From: JLL national multi-residential investment team, Edmonton
Agents: Samuel Dean, Paul Gemmel and David Parker
Deal: 96-unit rental apartment building, close to Southgate Mall and transit station, Edmonton
Price: $14.68 million
Deal: 32-unit concrete mid-rise apartment building, downtown Lethbridge
Price: $4.5 million
From: Avison Young, Vancouver
Submitted by: Avison Young principals Rob Greer and Chris Wieser
Deal: 54-suite rental apartment building, Fulton Street, Burnaby
Price: $10.18 million
From: Re/Max First Realty, Parksville
Agent: Ken Droog
Deal: Maple Ridge Cottages, Tripp Road, Salt Spring Island, a lakefront commercial rental package with five cottages and a main house on 1.63 acres
Price: $1.1 million
From: Melcor Real Estate Investment Trust, Toronto
Deal: Acquired 50 per cent interest in a 43,116-square-foot retail centre in Chestermere, Alberta; and a 10,091-square-foot industrial building in Leduc, Alberta
Price: $15.25 million
Recently completed a major commercial real estate deal? Send particulars by email to [email protected] for a free notice in Done Deals.
