Parkridge Place
120 East Keith Road

SOLD

Seldomly Available Concrete, Value-Add  Mid-Rise Multifamily Investment

• Asset sale with future redevelopment potential
• Coveted location along Lonsdale Corridor in the City of North Vancouver
• Rents significantly below market with history of low tenant turnover
• Not held in a bare trust so Property Purchase Tax applies
• Text book marketing and transaction process

Well Located, Concrete Multifamily Assets are a Safe Haven for Capital

In the spring of 2023, the private ownership family engaged our team to market and sell the concrete, mid-rise apartment building located in the heart of North Vancouver’s Lonsdale neighbourhood.

Although the property boasts several attractive attributes for multifamily investors, the existing rents were approximately 60% below the current market rent potential with a trend of low tenant turnovers so the cap rate and debt availability were very low. This means it would be a very equity rich deal with a low return until there is tenant churn. The property was also not held in a bare trust which means any purchaser would be liable to significant property purchase tax upon completion of the sale.

We recognized though that a concrete mid-rise apartment building in this neighbourhood, maintained with such pride of ownership would be of high interest to all types of multifamily investors and therefore warranted premium pricing with a well thought out marketing campaign translating to the market value we were seeking for our client.

We did pre-marketing due diligence before exposing the property to fully understand the nuance’s of the property, and what type and profile of market participant(s) would be most logical and prepare them to acquire this property. We ran a full exposure marketing process and collaborated with outside agents representing all investor types.

Despite a very challenging and uncertain time in the capital markets, our direct marketing efforts resulted in strong interest from both local private and national institutional market participants. This led us to host an initial bid date yielding multiple competitive offers and required a 2nd round of bids before our client accepted an unconditional offer at a price just north of our initial $18MM guidance.

Ultimately, the sale closed in textbook fashion, on time and at the target price of $18,138,000 to a local, private investor who plans to hold long-term and add-value to the property for their growing portfolio.

Property Details

Address: 120 East Keith Road, North Vancouver, BC

Type: Concrete, value-add multifamily investment

Sale Price: $18,138,000

Units: 42

Site Size: 14,000 sf

Investor Type: Local, private family office