- What A newly built apartment complex in East Vancouver has hit the market
- Why The building has below-market rents, which can be increased upon turnover
- What next CBRE has the marketing assignment
A recently completed East Vancouver apartment building is on the market aiming to net almost $36m, Green Street News can reveal, continuing a trend of new multifamily properties coming up for sale.
Nell’s Place, a five-storey building at 4502 Rupert Street, finished construction in 2024. It has 51 residential suites ($706,000/unit) and three commercial units comprising 32,000 sq ft. Lance Coulson of the CBRE National Apartment Group has the marketing assignment on behalf of Placemaker Communities.
The property has an assumable $27.4m MLI Select loan on a 50-year amortization. The residential suites are 100% leased with an average in-place rent of $2,390. Two of the three commercial units are occupied.
The campaign notes the residential rents are priced significantly under market value due to the building being constructed under Vancouver’s Rental 100 Program, meant to encourage rental development. The lower rates offer purchasers the opportunity to increase rents to market level when current tenants leave.
The property is 7km southeast of downtown Vancouver, with access to the Skytrain nearby.
The listing is another in a recent trend of newer multifamily listings around $30m or more being floated in Vancouver. Among them are a 184-unit complex on Renfrew Street with pricing guidance of $150m and a building in the Grandview-Woodlands neighbourhood for $29.8m.
Placemaker is a Vancouver-based developer with several projects around Metro Vancouver, including Mary Anne’s Place in Port Moody and Walter’s Place in North Vancouver.
June 9: Article updated to include more information about the listing.
