- What Starlight Investments purchased a 37-unit apartment building in Victoria, B.C.
- Why Belmont Properties was looking to offload the asset
- What next The property has a substantial rental revenue upside
Starlight Investments has purchased an apartment building in Victoria, B.C., for under its asking price, Green Street News can reveal.
The 37-unit Manchester Court was listed by Colliers with an asking price of $10.35m. The seller, Belmont Properties, accepted an offer below $10m. BC Assessment valued the property at $9.6m for 2024.
The sale came with no assumable debt. At the asking price, the capitalization rate would have been around 3.5%.
Built in 1976, the three-storey apartment building comes with a substantial revenue upside, with units averaging 65% below market rents. In-place rents range from $843 to $2,040, with an average of $1,250.
Marketing materials highlight larger-than-average units, large balconies and a vacancy rate in the area of 1.6%.
The property, at 565 Manchester Road, is less than 300 m from the Douglas Centre retail plaza, with a grocery store, restaurants, a gym and several other retailers. It’s also just west of a main throughway along Douglas Street and is 2 km north of downtown Victoria.
