- What I4 Property Group sold the 72-unit Premiere Residences
- Why The capitalization rate works out to 5.7%
- What next The building is in the centre of a part of Metro Vancouver undergoing revitalization
The residential portion of a six-storey building in the Vancouver suburb of New Westminster has sold for $29.5m, Green Street News can reveal.
I4 Property Group sold the 72-unit Premiere Residences, a purpose-built rental property at 408 East Columbia Street, to an unidentified private investor. At the sale price of $410,000/unit, the capitalization rate works out to 5.7%. Goodman Commercial brokered the deal.
The property originally was listed at nearly $37m in 2023, and later relisted for $31m.
The building, constructed in 2022, has commercial and office space on the first two floors that was not part of the deal.
The residential portion has 44 one-bedroom units that rent for an average of $2,135, 24 two-bedroom units at $2,536, and four three-bedroom units at $3,442. Amenities include a rooftop terrace and a fitness centre.
Marketed as apartments in the centre of a part of Metro Vancouver undergoing revitalization, the building is near the Sapperton SkyTrain station and Royal Columbian Hospital.
Last year, a zoning application was filed to the City of New Westminster seeking changes to allow a dental office to occupy one of the retail spaces. According to the documents, a pharmacy, Subway and Barcelos Flame Grilled Chicken were slated to occupy some of the units.