- What A 184-unit rental apartment complex in Vancouver has hit the market
- Why The property is brand new and approaching full occupancy
- What next The buildings can be purchased individually or as a combined asset
Molnar Group is floating a 184-unit mixed-use complex in Vancouver for around $150m, Green Street News can reveal. The property is expected to trade at a 4% capitalization rate.
Renfrew Village, at 2543 and 2603 Renfrew Street in Vancouver, comprises two eight-storey buildings with 50 studios and 71 one-bedroom, 47 two-bedroom and 16 three-bedroom suites; 38 of the units are below-market rentals. Rents start at $2,080, peaking at $3,750.
Patrick Harris and Peter Gibson at Cushman & Wakefield have the marketing assignment for the brand-new complex. The buildings can be purchased individually or as a combined offering.
A sale at $150m would make it the largest multifamily trade in Metro Vancouver since the $170m sale of 13315 104th Avenue in Surrey in 2022, according to Green Street’s Sales Comps Database.
Renfrew Village has a total floor area of 175,000 sq ft, including amenities and common areas. Made from concrete construction, both buildings are nearing full occupancy and have air-conditioned suites, a fitness room, car-charging stations and 9-foot ceilings.
The campaign says assumable Canada Mortgage and Housing Corp. MLI Select financing is in place at a 3.8% interest rate on a five-year term.
It is pitching the asset as an amenity-rich complex with shopping, dining and the Renfrew Street Skytrain station nearby.
The buildings are 6km from downtown Vancouver and 5km from Metrotown.
