Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

hbspt.forms.create({ portalId: "6064756", formId: "bf5764dd-77b3-434c-8924-625d88fad42b" });

Sub Markets

Property Sectors

Topics

Pacific Canada  + Canada  + Student Housing  | 
Global Education Communities Corporation has sold a downtown Vancouver student residence to an undisclosed buyer.

GECC Sells Previously Proposed Downtown Vancouver Student Residence Site

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

Connect

Inside The Story

Toby ChuGECC

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

New call-to-action