Anthem Properties has closed a deal to buy the Coquitlam housing complex Brandywine for $32 million.
B.C. Supreme Court approved the sale of the 58-unit condominium project at 585 Austin Avenue earlier this year.
This is one of the first strata developments to sell to a developer using a new method for winding up strata corporations since the B.C. government implemented Bill 40 last year.
The new law allows strata corporation members to vote to wind up the corporation and sell assets to developers with a minimum of 80% of the members voting in favour. The catch is that the sale has to be approved by B.C. Supreme Court – something that is not the case if selling assets is unanimous.
At Brandywine, 84.5% of owners voted to wind up the strata corporation.
“The process was long but it was fair, and even though we had to increase the price to match the growing market over that time, we are happy with the outcome,” said Anthem’s vice-president of acquisitions and development, Steve Forrest in a release.
Anthem has applied to the City of Coquitlam to redevelop the property, which it will call Wynwood Green. The company wants to replace the 41-year-old complex with two buildings that are 23 and 28 storeys tall and contain 379 homes.
The site borders the Vancouver Golf Club and Brookmere Park and is about 500 metres from the Lougheed Town Centre SkyTrain station, where riders can ride on the Expo, Millennium and Evergreen lines.
Anthem aims to launch construction in early 2018.