Several Greater Vancouver Area apartment buildings changed hands recently following the completion of sales transactions.

Goodman Commercial represented the sellers in the transactions, which had a total value of about $32 million. All of the properties are older sites in well-located areas with high rental demand. All buyers were local family-owned private firms, Mark Goodman, the brokerage company’s founder told Connect.

In the largest and most notable deal, the historic 32-suite Greenbrier Hotel in Vancouver’s West End sold for $15.15 million. Built in 1956, the three-storey structure has been operating as a short-term rental property but was previously used as a premium boutique in the past. Goodman Commercial says the deal offers the buyer an opportunity to re-establish the 32-used building as a hotel; continue with short-term rentals or repurpose it as long-term unfurnished tenancies. The buy may also explore further development options are also available with or without site assembly.

Mark Goodman said the drew strong interest from more than 50 prospective buyers before it was eventually sold.

In another notable deal completed in recent days, two multi-family rental assets totalling 26 units in North Vancouver, B.C., were sold to the same unidentified buyer for a combined total of $8 million. The sale covered the 14-unit Sanita Court apartment building in North Vancouver, B.C., which were acquired for a blended cap rate of 3.9% and a blended price per unit of $308,000.

Another newly closed transaction saw another North Van apartment property at 644 East Victoria Park sell for $3 million or $300,000 per door. The 10-unit building fetched a 5.9% cap rate.

All of the North Van properties are located in the Lower Lonsdale area.

Back in Vancouver’s West End, Goodman Commercial brokered the sale of the 59-year-old Grande Manor Apartment building for $6.1 million, or $333,333 per door, with a 4.5% cap rate.

Pictured: Greenbrier Hotel in Vancouver’s West End.

Photo: Courtesy of Goodman Commercial