Charlie Hughes specializes in representing sellers and buyers of multifamily property exclusively within the city of Vancouver a
New Construction, Prime Location, Premier Tenants
For Sale - Muir House - 1014 W 11th AvenueÂ
Investors have a rare opportunity to secure one of Vancouver's trophy assets which finished construction just months ago. The Muir House and the brand-new contemporary building at the South end of the lot were built with premier construction materials and possess luxury finishes which drive staggering, record-setting rents in a world-class neighborhood near downtown Vancouver. This absolutely stunning 11-unit multifamily property rests next door to Vancouver General Hospital, Broadway's cuisine, Granville's high-fashion shops, and is steps from the proposed Oak Street Rapid Transit Skytrain Station, beaches, and parks. The city's arguably strongest tenant pool surrounds the property and has resulted in hand-picked doctors and lawyers making up 1014 West 11th Avenue's rent roll. Deep stacks of tenant applications were received by the owner prior to the building’s completion, demonstrating the tremendous demand for this truly one-of-a-kind property.
The Muir House is one of Vancouver's safest assets which drives nearly a quarter of a million dollars in net operating income annually and requires next-to-no maintenance with its brand new construction. The Muir House is home to 11 hand-picked professional tenants on 1-year leases and has various competitive advantages including being next door to a premier employer in Vancouver General Hospital, steps to Broadway, beaches, parks, and surrounded by great restaurants. Its location in the midst of a bustling area 2 blocks from the proposed Oak Street Rapid Transit Skytrain Station will see new development and land appreciation for decades.
The finest care was put into the property during construction and leaves an investor with a turn-key asset where capital expenditures won’t be needed for decades, maintenance costs will remain next to nothing for 15+ years, and headaches will be avoided because of the premier professional tenants in place. The future is bright for the next owner of the Muir House with its premier location, irreplaceable crosswalk proximity to Vancouver General Hospital, bullet-proof, premium construction, stunning architecture, and amazing tenant mix.
 
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Email Charlie Hughes at charlie.hughes@marcusmillichap.com or call Charlie directly at 604-675-5259 to receive a full information package PDF on the Muir House.
-Charlie Hughes
Multifamily Broker
Marcus & Millichap
For Sale - Muir House - 1014 W 11th AvenueÂ
Investors have a rare opportunity to secure one of Vancouver's trophy assets which finished construction just months ago. The Muir House and the brand-new contemporary building at the South end of the lot were built with premier construction materials and possess luxury finishes which drive staggering, record-setting rents in a world-class neighborhood near downtown Vancouver. This absolutely stunning 11-unit multifamily property rests next door to Vancouver General Hospital, Broadway's cuisine, Granville's high-fashion shops, and is steps from the proposed Oak Street Rapid Transit Skytrain Station, beaches, and parks. The city's arguably strongest tenant pool surrounds the property and has resulted in hand-picked doctors and lawyers making up 1014 West 11th Avenue's rent roll. Deep stacks of tenant applications were received by the owner prior to the building’s completion, demonstrating the tremendous demand for this truly one-of-a-kind property.
The Muir House is one of Vancouver's safest assets which drives nearly a quarter of a million dollars in net operating income annually and requires next-to-no maintenance with its brand new construction. The Muir House is home to 11 hand-picked professional tenants on 1-year leases and has various competitive advantages including being next door to a premier employer in Vancouver General Hospital, steps to Broadway, beaches, parks, and surrounded by great restaurants. Its location in the midst of a bustling area 2 blocks from the proposed Oak Street Rapid Transit Skytrain Station will see new development and land appreciation for decades.
The finest care was put into the property during construction and leaves an investor with a turn-key asset where capital expenditures won’t be needed for decades, maintenance costs will remain next to nothing for 15+ years, and headaches will be avoided because of the premier professional tenants in place. The future is bright for the next owner of the Muir House with its premier location, irreplaceable crosswalk proximity to Vancouver General Hospital, bullet-proof, premium construction, stunning architecture, and amazing tenant mix.
  Email Charlie Hughes at charlie.hughes@marcusmillichap.com or call Charlie directly at 604-675-5259 to receive a full information package PDF on the Muir House.
-Charlie Hughes
Multifamily Broker
Marcus & Millichap
2975 Oak Street - Sante Fe Apartments Redevelopment Project
Aquilini Development Building Iconic 11-Storey 50-Unit Rental Tower
Developers are beginning to provide Vancouver residents additional supply in the form of purpose-built rental projects amidst the dramatic rise in home ownership costs. Previous posts have identified the various approved/underway purpose built rental developments in the City of Vancouver, whereas this post will focus on the specific project at 2975 Oak Street at the intersection of Oak Street & W 14th Avenue.
The City of Vancouver did a phenomenal job of granting additional rental housing at this double-lot site consisting of two 50'x 125' parcels. Whereas the old site only possessed 14-units on the 6,250 sq ft lot, the newly finished job will house more than 3x the residents once the 50-unit tower is completed. The RM-3 zoning granting 1.0 FSR was upped to 1.9 FSR due the site being on a corner lot and then Aquilini Development was awarded a bonus to up the site to 2.8 FSR. I think this is a tremendous project for the community as dozens more residents can call Vancouver home in a newly constructed building free from any deferred maintenance, building envelope issues, or neglected conditions that exist on some older sites in the city. Take a look at the amazing project below:
The existing facade was retained in the design under a Heritage Revitalization Agreement (HRA)
Close up of the facade on the new Sante Fe/The Van Arsdel Apartments at 2975 Oak Street in Vancouver
Snapshot of the development application which was approved by the city of Vancouver
Charlie Hughes
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiving Vancouver multifamily research reports
-selling multifamily property
-buying multifamily property
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
Aquilini Development Building Iconic 11-Storey 50-Unit Rental Tower
Developers are beginning to provide Vancouver residents additional supply in the form of purpose-built rental projects amidst the dramatic rise in home ownership costs. Previous posts have identified the various approved/underway purpose built rental developments in the City of Vancouver, whereas this post will focus on the specific project at 2975 Oak Street at the intersection of Oak Street & W 14th Avenue.
The City of Vancouver did a phenomenal job of granting additional rental housing at this double-lot site consisting of two 50'x 125' parcels. Whereas the old site only possessed 14-units on the 6,250 sq ft lot, the newly finished job will house more than 3x the residents once the 50-unit tower is completed. The RM-3 zoning granting 1.0 FSR was upped to 1.9 FSR due the site being on a corner lot and then Aquilini Development was awarded a bonus to up the site to 2.8 FSR. I think this is a tremendous project for the community as dozens more residents can call Vancouver home in a newly constructed building free from any deferred maintenance, building envelope issues, or neglected conditions that exist on some older sites in the city. Take a look at the amazing project below:
The existing facade was retained in the design under a Heritage Revitalization Agreement (HRA)
Close up of the facade on the new Sante Fe/The Van Arsdel Apartments at 2975 Oak Street in Vancouver
Snapshot of the development application which was approved by the city of Vancouver
Charlie Hughes
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiving Vancouver multifamily research reports
-selling multifamily property
-buying multifamily property
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
2016 Jan-June Vancouver Purpose-Built Rental New Construction
Tags:
(Posted on Jul 2, 2016 at 10:11PM )
Steady Approvals for Vancouver Multifamily Construction in Early 2016
5 New Rental Projects Approved In Early 2016 Which Impact Your Multifamily Properties
1.     6505, 6507, 6541 Main St, Vancouver, Sunset, 75 New Rental Units
2.     1037 W King Edward Ave, Vancouver, Shaughnessy, 36 New Rental Units
3.     408-488 W King Edward Ave, Vancouver, Riley Park, 56 New Rental Units
4.     3365 Commercial Dr & 1695-1775 E 18th Ave, Vancouver, Kensington Cedar Cottage, 110 New Rental Units
5. Â Â Â 1755 W 14th Ave, Vancouver, Fairview, 368 New Rental Units
These new construction starts will bring 645 units into Vancouver's multifamily market, an increase in supply of 1.2% on the approximate 56,000 purpose-built rental units in the city. 2016's approvals through June 2016 are on pace to bring 2x the supply of market rental units in Vancouver compared to 2015.
The above listed 5 projects that received approvals through June 2016 are found distributed on the neighborhood map of Vancouver below:
Charlie Hughes
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiving Vancouver multifamily research reports
-selling a multi-family property
-buying multi-family property
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
Vancouver Purpose Built Multifamily Construction Approvals Remain Strong
11 New Rental Construction Projects Approved In 2015 Which Impact Your Multifamily Properties
1.     5030-5080 Quebec St, Vancouver, Riley Park, 38 New Rental Units
2.     445 SW Marine Dr, Vancouver, Marpole, 70 New Rental Units
3.     5037-5087 Main St, Vancouver, Riley Park, 8 New Rental Units
4.     1754-1772 Pendrell St, Vancouver, West End, 171 New Rental Units
5.     1335 Howe St, Vancouver, West End, 109 New Rental Units
6.     508 Helmcken St, Vancouver, Downtown, 110 New Rental Units
7.     450 Gore Ave, Vancouver, Strathcona, 65 New Rental Units
8.     2312-2328 Galt St, Vancouver, Kensington Cedar Cottage, 28 New Rental Units
9.     3063-3091 W Broadway, Vancouver, Kitsilano, 70 New Rental Units
10. Â Â 3819 Boundary Rd, Vancouver, Renfrew Collingwood, 23 New Rental Units
11. Â Â 698 E 64th Ave, Vancouver, Sunset, 37 New Market Units
These new construction starts will bring 729 units into Vancouver's multifamily market, an increase in supply of 1.3% on the approximate 56,000 purpose-built rental units in the city.
The above listed 11 projects are found distributed on the neighborhood map of Vancouver below:
Charlie Hughes
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiving Vancouver multifamily research reports
-selling a multi-family property
-buying multi-family property
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
2014 Vancouver Purpose Built Multifamily Construction Approvals Increase
14 New Rental Construction Projects Approved In 2014 Which Impact Your Multifamily Properties
1. 7350 Fraser Street, Vancouver; Sunset Neighborhood; 95 New Rental Units
2. 275 Kingsway, Vancouver; Mt. Pleasant; 195 New Rental Units
3. 2975 Oak Street, Vancouver; Fairview; 50 New Rental Units
4. 3819 Boundary Road, Vancouver; Renfrew-Collingwood; 23 New Rental Units
5. 5648-5670 Victoria Drive, Vancouver; Kensington Cedar Cottage; 48 New Rental Units
6. 1600-1620 West 6th Avenue, Vancouver; Fairview; 99 New Rental Units
7. 1155 Thurlow St, Vancouver; West End; 168 New Rental Units
8. 706 W 13th Ave & 725 W 14th Ave, Vancouver, Fairview, 230 New Rental Units
9. 3501-3523 E Hastings St, Vancouver, Hastings-Sunrise, 87 New Rental Units
10. 506 W 60th Ave, Vancouver, Marpole, 129 New Rental Units
11. 458-476 W 41st Ave, Vancouver, Oakridge, 50 New Rental Units
12. 508 W 28th Ave, Vancouver, South Cambie, 65 New Rental Units
13. 1412-1424 E 41st Ave, Vancouver, Victoria Fraserview, 35 New Rental Units
14. 963 E 19th Ave, Vancouver, Kensington Cedar Cottage, 39 New Rental Units
These new construction starts will bring 1,313 units into Vancouver's multifamily market, an increase in supply of 2.3% on the approximate 56,000 purpose-built rental units in the city.
The above listed 14 projects are found distributed on the neighborhood map of Vancouver below:
Charlie Hughes
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiving Vancouver multifamily research reports
-selling a multi-family property
-buying multi-family property
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
2013 Sees Jump in New Purpose Built Rental Construction Approvals
11 City Approved Construction Projects To Increase City's Rental Supply vs. 2012's 3 Approvals
1.     4320 Slocan Street, Vancouver, Renfrew Collingwood, 41 New Rental Units
2.     1396 Richards St, Vancouver, West End, 129 New Rental Units
3.     3120-3184 Knight St, Vancouver, Kensington Cedar Cottage, 51 New Rental Units
4.     1568 W King Edward, Vancouver, Shaughnessy, 77 New Rental Units
5.     1412-1460 Howe St, Vancouver, West End, 95 New Rental Units
6.     33-41 E Hastings St, Vancouver, Downtown, 67 New Rental Units
7.     4533-4591 Cambie St, Vancouver, South Cambie, 35 New Rental Units
8.     1290 Burrard & 1281 Hornby St, Vancouver, West End, 81 New Rental Units
9.     3002-3036 W Broadway, Vancouver, Kitsilano, 83 New Rental Units
10. 1600 Beach Ave, Vancouver, West End, 133 New Rental Units
11. 3068 Kingsway, Vancouver, Renfrew Collingwood, 30 New Rental Units
These 11 new construction projects will bring 822 new units into Vancouver's multifamily market, a minimal increase in supply of 1.5% on the the approximate 56,000 purpose-built rental units in the city.
The above listed projects are found distributed on the neighborhood map of Vancouver below:
Charlie Hughes
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiveing Vancouver multifamily research reports
-selling a multifamily property
-buying a multifamily property
Email: charlie.hughes@marcusmillichap.com -OR-
Call Charlie Hughes directly at 604-675-5219
2012 Sees Uptick in New Purpose Built Rental Construction Approvals
3 City Approved Construction Projects Minimally Increase City's Rental Supply
1.     800 Griffiths Way, Vancouver, Downtown, 614 New Rental Units
2.     1349 Granville St (1388 Continental St), Vancouver, Downtown, 89 New Rental Units
3.     228-246 E Broadway, Vancouver, Mt. Pleasant, 15 New Rental Units
These new construction projects will bring 718 new units into Vancouver's multifamily market, a minimal increase in supply of 1.3% on the the approximate 56,000 purpose-built rental units in the city.
The above listed projects are found distributed on the neighborhood map of Vancouver below:
Charlie Hughes
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiveing Vancouver multifamily research reports
-selling a multifamily property
-buying a multifamily property
Email: charlie.hughes@marcusmillichap.com -OR-
Call Charlie Hughes directly at 604-675-5219
2011 Sees Minimal Approvals of Purpose Built Rental Construction
2011 Approved New Rental Developments Still Lagging Demand
1. 4255 Arbutus St, Vancouver; Arbutus Ridge Neighborhood; 45 New Rental Units
This new construction start will bring 45 units into Vancouver's multifamily market, virtually unaffecting supply with an increase of 0.08% on the approximate 56,000 purpose-built rental units in the city.
The above listed projects are found distributed on the neighborhood map of Vancouver below:
Charlie Hughes
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiving Vancouver multifamily research reports
-selling a multi-family property
-buying multi-family property
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
Overview of Vancouver's Main Six Neighborhoods
Vancouver Purpose-Built Rental Market Spread Across 6 World-Class Neighborhoods
Vancouver is home to 138,000 renter households which represents 52% of the city's total number of households. There are 6 main neighborhoods that renters call home here in Vancouver. Those neighborhoods are as follows:
-West End
-Kitsilano
-South Granville
-Kerrisdale
-East Side
-Marpole
Furthermore, the City of Vancouver's official neighborhood map breaks down the city into 22 sub-neighborhoods, which we will refer to as sub-markets. These are shown below:
The labeled version of these 22 sub-neighborhoods is also found below:
The breakdown of Vancouver's 2,500 (approximate) properties and which neighborhoods the rental housing stock are located in is as follows:
- East Side- Â Â Â Â Â Â 698 properties or 28% of the rental stock (neighborhoods 2, 4, 5, 6, 7, 8, 9, 10, 11, 12)
- West End-      569 properties or 23% of the rental stock (neighborhood 1)
- Kitsilano-       485 properties or 19% of the rental stock (neighborhoods 20 & 21)
- South Granville- 425 properties or 17% of the rental stock (neighborhoods 3, 13, 14, 15, 16)
- Marpole-        196 properties or 8% of the rental stock (neighborhood 17)
- Kerrisdale-      120 properties or 5% of the rental stock (neighborhoods 18, 19, 22)
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiving quarterly Vancouver multi-family reports
-selling a multi-family property
-buying multi-family property
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
Vancouver 2016 Multi-Family Real Estate Market Overview
Worldwide Demand, Investor Favorable Supply, High Home Ownership Costs & Strong Demographics Drive Vancouver Multi-Family Rental Market
Intense Renter Demand:
- As of 2016 the city of Vancouver, BC is home to 264,000 households, where 52% or 138,000 households rent and 48% or 126,000 households own homes. This high ratio of renters is significantly above other cities (33% of households rent in Metro Vancouver suburbs) and is a main reason Vancouver multi-family continues to attract capital for investment.
- Of the 138,000 renter households in Vancouver, 77% of the units are Apartment units and 23% are Ground-Oriented units
- The average price of a home in the city of Vancouver as of May, 2016 was $1,070,000 making home ownership out of reach for a large percentage of households and driving renter demand up.
- Vancouver was ranked as the top city in North America for quality of life and fifth globally. This well-known recognition attracts over 28,000 new immigrants (5 year average) into the census metropolitan area of Vancouver every year driving the population and rental demand up.
- In 2005, Vancouver's population was 592,000 and has gone up 10% to 648,000 in 2015.
- Meanwhile, over the same 10 years, the supply of purpose-built rental units has dropped 0.3% from 55,338 in 2005 to 55,190 in 2015.
- This diverging of supply and demand has resulted in amplified rental demand and has allowed landlords of rental apartment buildings to raise their rents over the last 5 years at a greater rate than annual wage growth.
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiving quarterly Vancouver multi-family reports
-selling a multi-family property
-buying multi-family property
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
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