BCBusiness
A 48-unit apartment building in Vancouver’s Marpole neighbourhood has sold for $12.2 million—35 percent below the market peak—reflecting renewed investor activity and redevelopment potential in the city’s multifamily sector.
A 48-unit apartment building at 8770 Granville Street has sold for $12.2 million, purchased by a real estate developer as an income-producing multifamily investment property with future redevelopment potential.
Known as Granville Towers, the 1962-built rental complex spans a 26,692-square-foot lot with about 250 feet of frontage along Granville near West 72nd Avenue. It includes nine studio units, 32 one-bedroom, and seven two-bedroom suites, supported by 36 surface parking stalls.
The building was listed for $12.7 million and spent roughly three months on the market before selling for $500,000 under asking, or about $254,000 per unit. Based on the sale price, the transaction reflects a 3.5 percent cap rate.
The Granville Towers sale reflects what realtor Mark Goodman, principal at Goodman Commercial, calls a “reset” in Vancouver’s multifamily market. The $12.2-million deal closed at roughly 35 percent below the market peak from three and a half years ago—a sign of price normalization after years of rapid escalation. Despite lower valuations, activity remains brisk: Goodman says his firm has sold three apartment buildings in Marpole recently, part of what he describes as a “mini boom” in Metro Vancouver multi-family rental buildings.
Mihika is the senior editor at BCBusiness. Her work has also appeared in the New York Times, Vox, Globe and Mail, The Walrus, Vogue, Chatelaine, and more.
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