Vittori Developments has purchased two redevelopment land parcels in Burnaby’s burgeoning Royal Oak area in an off-market transaction for about $16 million.

The parcels are located at 7315 and 7305 Buller Avenue within an 800-metre radius of the Royal Oak SkyTrain station. The assets are ticketed for redevelopment as a multi-family project. Vittori says on its website that a building is under construction at the location.

The deal is one of Burnaby’s largest redevelopment-related transactions in Burnaby this year. It was announced by brokerage firm CASM Global, which represented unidentifed sellers in the transaction.

The properties are part of the upcoming Royal Oak Urban Village Community Plan, which contemplates low-rise apartment density of six to eight storeys.

A number of low-rise multi-family developments have been constructed around the SkyTrain station and on nearby blocks in recent years.

Several other apartment and condominium projects are in the works near the prominent Royal Oak Avenue and Imperial Street intersection. The projects include the conversions of a Craftsman Collision autobody shop and a former Van City credit union branch into multi-family properties.

“All types of housing are desperately needed and it’s wonderful to see proven local developers being able to move forward again,” said Steve Da Cruz, a CASM broker who represented the sellers in the divestment to Vittori.

He called the deal “a great sign of improved sentiment for Burnaby and beyond.”

Blake Gozda and Nathan Kewin of Cushman & Wakefield represented Vittori in the transaction.

Vittori is a Vancouver-based residential and commercial builder and developer.

Photo: Vittori Developments