- What A 160-unit complex in northern British Columbia has traded for $20.2m
- Why The price translates to a 6.5% cap rate
- What next The complex has a 2% vacancy rate
A 160-unit apartment complex in Dawson Creek, B.C., has traded for $20.2m, Green Street News can reveal.
The figure translates to a 6.5% capitalization rate for the 124,000 sq ft complex, dubbed Upper Montney, at 900 100A Avenue. Marcus & Millichap’s IPA division had the marketing assignment.
The apartments, comprising three low-rise structures, were sold to an unnamed buyer by Upper Montney Developments.
The apartment complex has a 2% vacancy rate. Rents start at $1,200 for a 540 sq ft one-bedroom unit and range up to $1,500 for a 912 sq ft two-bedroom unit.
The complex, near Mile 0 for the Alaska Highway in downtown Dawson Creek, is close to dining and retail options.
Dawson Creek is a hub city in northern British Columbia with a population approaching 13,000 residents. It is about 740 km northeast of Vancouver.
