A New Westminster, B.C., apartment asset has traded for $29.5 million after being on the market for almost a year.

The four-storey asset is the multi-family rental component of a mixed-use building, known as Premiere, which comprises six storeys altogether. The property is located at 408 East Columbia Street in the Sapperton area.

Vancouver-based Plan A Real Estate Services purchased 72 apartment units from local investor I4 Property Group, said Mark Goodman, principal of Goodman Commercial.

Mark Goodman and his colleague Ian Brackett represented the seller in the transaction. Goodman Commercial was awarded the listing mandate after another brokerage firm was not able to secure a buyer.

The high interest-rate environment and the fact that a buyer could not acquire the entire building contributed to the extended stay on the market, said Mark Goodman in an interview.

Sometimes, partial-ownership deals are difficult to finance, added Mark Goodman. But the buyer was able to obtain financing from the Canada Mortgage and Housing Corporation (CMHC.)

“We launched a very successful marketing program,” added Mark Goodman. “We had multiple offers come in all within a tight range, which really demonstrated where the market was, and we had about half a dozen offers come in all in around the $30 million range.”

The property includes separately owned retail and office components on the first and second floors, respectively.

Photo: Courtesy of Goodman Commercial