The James
345 Quebec Street

S O L D

The James | 345 Quebec Street, Victoria

Investment Highlights

UNBEATABLE LOCATION: James Bay is one of Western Canada’s most desirable apartment nodes, surrounded by the ocean, parks and steps from Downtown Victoria, the Inner Harbour, BC Legislative buildings, and a myriad of local shops, restaurants and galleries.

FULLY REBUILT: Substantial capital improvements and building system upgrades completed during the 2020 hotel-to-residential conversion.

BEST-IN-CLASS AMENITIES: A full suite of resort-style amenities including an indoor pool, hot tub, sauna, and modern fitness centre is complemented by indoor and outdoor gathering spaces, a private courtyard, and communal BBQ area.

PROVEN OPERATIONAL PERFORMANCE: The James has been managed and maintained to an exceptionally high standard, demonstrated by a strong historical occupancy track record of close to 100%, an extensive waiting list, and significant rental growth.

COMPELLING MARKET FUNDAMENTALS: There are only 191 rental units currently under construction in James Bay, and no concrete rental projects in the development pipeline. James Bay’s exclusivity and scarcity of high-quality concrete rental product afford The James a highly durable competitive moat, ensuring consistent investment performance.

IMMEDIATE SCALE: The James is the largest concrete multifamily asset listed in Victoria, offering the opportunity to establish significant multifamily scale.

UNIQUE OFFERING: One of the largest rental assets ever offered in Victoria.

ACCRETIVE DEBT: The two mortgage tranches charged against the Property have a blended interest rate of 2.96%.

BARE TRUST: Title to the Property is held in a bare trust.