- What A student residence in Burnaby, B.C., is up for sale
- Why The building has 30 units, with asking rents starting at $1,300
- What next Avison Young has the marketing assignment
A 30-unit student housing property in Burnaby, B.C., is on the block with a pricing guidance of $22m, Green Street News can reveal.
The price translates to roughly $733,000/unit and a 4.2% capitalization rate. The net operating income is $915,000. Avison Young has the marketing assignment for the residence, which is owned and managed by GEC Living. There are commercial units on the ground floor not owned by GEC.
At 438 Gamma Avenue in the Burnaby Heights neighbourhood, the 80-bed building has direct transit access to Simon Fraser University via Hastings Street, 5km to the east. Monthly asking rents range from $1,300 to $3,600/unit.
The campaign notes the building is stratified, giving it flexibility. Developed in 2016 as a condominium building, it was acquired by GEC to operate as student housing. It is less than 4km north of the British Columbia Institute of Technology.
The surrounding area has shopping and dining options, including several local favourites such as Suren Persian cuisine, X-Site Grill & Bistro and the Triple A Market.
GEC is a Vancouver-based student housing provider. It operates six student residences around the Metro Vancouver region with four more in the pipeline.
