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Pacific Canada  + Multi-residential Housing  | 
Photo of an apartment building near Vancouver General Hospital.

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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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.

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