Beach Properties of Vancouver may have made as much as $70 million on the sale of Burnaby’s Lougheed Village rental apartment complex that it bought three years ago.
One of the largest single rental sites in Metro Vancouver and the biggest multi-family sale in the region this year, Lougheed Village has 528-suites in two 24-storey and two eight-storey concrete towers. The 7.3-acre parcel, close to the Burnaby-Coquitlam border and a SkyTrain station, also contains 50,000 square feet of retail space.
It was sold last week to Toronto-based Starlight Investments in a deal brokered by Lance Coulson, senior vice-president of CBRE National Apartment Group.
“This is one of the largest single multi-family property transactions in B.C. history,” said Coulson.
Beach Properties purchased the complex in May of 2012 for a reported $90 million. Citing confidentially agreements, Coulson could not release the most recent sale price, but two industry sources have estimated it sold for $160 million.
This price would put it in line with concrete multi-family transactions this year, said Rob Greer, a multi-family specialist with Avison Young.
Lougheed Village represents the largest single rental apartment sale so far in 2015 in Metro Vancouver. Earlier this year, Concert Properties paid $102 million for a 50% interest in Langara Gardens.
In September, Canadian Apartment Properties Real Estate Investment Trust of Toronto paid $170 million for a portfolio of 19 rental buildings in various suburban Metro Vancouver markets, a deal also brokered by CBRE National Apartment Group.
“All the big multi-family investors want to be in Vancouver,” Coulson said. “But we don’t often have the scale they are looking for. It is rare that a site like Lougheed Village comes to the market.”
