- What A 120-unit residential development site in Vancouver has traded for $17m
- Why It was sold via a court order
- What next The buyer intends to continue with the development as planned
A distressed Vancouver land assembly slated for a 120-unit rental apartment complex traded for $17m in a court-ordered sale, Green Street News can reveal.
Initially listed for $22m, 5589 Baillie Street, in the city’s Oakridge neighbourhood, was sold to a numbered company related to Amber Mortgage Investment Corp. – the lender that foreclosed on the property.
The deal will close on April 27. Cushman & Wakefield had the marketing assignment on behalf of Amber Mortgage.
Foreclosure proceedings began in November 2023 after the owners, 40 Street Ventures BT and Align B.C. Development Corp., defaulted on their mortgage, owing nearly $5.5 m at the time.
The new owners plan to complete the project previously proposed for the site. Plans call for two six-storey buildings with studios to two-bedroom apartments and 78 parking spaces.
