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$13.5 Million Multi-Family Property Sold in Vancouver, B.C.’s Coveted West End Market
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(Posted on Dec 12, 2016 at 07:03PM by Michelle Bogle)
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Contact: Gina Relva
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VANCOUVER, December 12, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Taja Apartments, a 28-unit multi-family property in Vancouver, British Columbia, Canada.
The $13.5 million sales price equates to $482,142 per unit.
The $13.5 million sales price equates to $482,142 per unit.
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“The sale of Taja Apartments highlights the strong market fundamentals in Vancouver’s affluent West End submarket,†says Charlie Hughes, an associate in Marcus & Millichap’s Vancouver, British Columbia, Canada office. “The West End’s robust job growth, extremely low vacancy and the area’s long-term rental appeal bodes well for multi-family performance for the foreseeable future.â€
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“New ownership has the opportunity to unlock substantial upside through bringing rents in line with market values and through implementing a unit upgrade program,†adds Mike Guinan-Browne, an associate in the firm’s Vancouver, British Columbia, Canada office.
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Hughes represented the seller and Guinan-Browne represented the buyer.
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Built in 1941, the asset is situated on an 8,646 square foot site, just steps from Stanley Park, the Seawall and a myriad of beaches at 1131 Barclay St. in Vancouver, British Columbia.Â
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
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