Real Estate

Developer buys 48-unit Granville Towers for $12.2M, eyeing redevelopment potential

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.

By BCBusiness /

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. 

The property 

  • Address: 8770 Granville Street, Vancouver
  • Asking price: $12,700,000 
  • Sold price: $12,200,000
  • Units: 48
  • Price per unit on sale price: $254,000
  • Cap rate on sale price: 3.5% 
  • Built: 1962
  • Lot size: 26,692 sq.ft (250’ x 107’)
  • Suite mix: 9 studio units; 32 one-bedrooms; 7 two-bedrooms
  • Parking: 36 stalls 

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 sale 

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 big picture 

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.

BCBusiness

BCBusiness

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