Global Education Communities Corporation has sold a downtown Vancouver site, which was intended as a student residence, to an undisclosed buyer.

The property is located at the corner of Granville and Drake Streets at the northern foot of the Granville Street bridge. Vancouver-based GECC received gross proceeds of $70 million, the company said in a news release.

That selling price spelled a $31-million gross gain and 79% property valuation increase. GECC purchased the Granville Suites hotel, in 2015 for $39 million plus closing costs.

“We are pleased with the sale after eight years of operations,” said Toby Chu, GECC’s chairman, president and CEO.

The company completed the sale through a subsidiary. With the deal completed, he said, GECC management will focus on expanding the company’s student-housing portfolio and deploy sale proceeds in other projects.

GECC is one of Canada’s largest education and student housing investment companies. The firm owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 41 locations in Canada and internationally.

Photo: Avison Young