Unidentified Buyer Agrees to Acquire VGH-Area Apartment Building
An unidentified buyer has agreed to purchase a stratified rental-apartment building near Vancouver General Hospital.
The deal is firm and slated to close in November, Goodman Commercial reported in a listings update. Goodman represented the sellers, a husband-and-wife team, in the transaction. Financial terms were not disclosed.
The property is situated at 1076 West 11th Avenue, near three arterial routes: West 12th Avenue, on which VGH is located, and Cambie and Oak Streets. The building is also within walking distance of an existing Canada Line light-rapid-transit station at Cambie and Broadway as well as the future Oak-VGH subway station near Broadway and Oak.
The 10-unit building was listed at $5.7 million. Since it is a stratified rental property, the prospective buyers had the option of selling the units, Mark Goodman, principal of Goodman Commercial, previously told Connect Canada CRE.
Constructed in 1999, the building received strong interest from prospective purchasers. Goodman Commercial said the property received 14 tours before the agreement was negotiated.
“It’s unique in so far as that it’s a newer building, relatively,” said Goodman. “It’s not built in the ’60s. There’s a large suite mix. Out of the 10 units, eight are two-bedrooms, and they’re quite large, around 800 square feet. So, that’s another unique feature.
“Normally, you don’t get that many two-bedrooms.”
The other two units are bachelor suites.
Goodman Commercial said it will provide more details after the deal closes.
Pictured: Apartment building at 1076 West 12th Avenue in Vancouver.
Photo: Courtesy of Goodman Commercial
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