- What A development in Nanaimo is being floated for around $65m
- Why The builder is rebalancing its portfolio to finish other projects
- What next The project is expected to be completed in spring 2026
A 162-unit multifamily complex under construction by Primex Investments in Nanaimo has hit the market seeking about $65m, Green Street News can reveal.
To be dubbed Centra when completed, the project at 340 Campbell Street in the Vancouver Island city will have a net rentable area of 103,000 sq ft.
Avison Young has the marketing assignment. Primex is selling the project amid a rebalancing to continue developing other properties.
Centra is expected to be completed in spring 2026, and the building is on schedule and on budget. The project has $49m in assumable CMHC debt and a projected stabilized NOI of $32m per year. That would translate into a 5% capitalization.
If the building sold at around the $65m mark, it would be the biggest sale of a multifamily asset in Nanaimo in at least five years, according to Green Street’s Sales Comps Database. In 2020, the 151-unit North Point apartments sold for $42m.
When complete, the six-storey building will have 139 parking stalls and a variety of one-, two- and three-bedroom apartments.
Other amenities will include a fitness room and car-charging stations. Of the 162 suites, 15 are ground-level live-work units.
Centra is near the city’s waterfront in downtown Nanaimo, and a variety of shopping and dining options are nearby.
Nanaimo is an oceanfront city on Vancouver Island about 90km northwest of the provincial capital, Victoria, with about 90,000 residents.
Primex Investments is a Vancouver-based real estate investment company started in 1972. The company has about 3,000 units under construction across British Columbia.
