- What A distressed Vancouver land assembly listed last June has sold
- Why The development was slated for 120 market-rate apartments
- What next The new purchaser is a numbered company
A distressed land assembly in Vancouver’s Oakridge neighbourhood has traded in a court-ordered sale for $17m, Green Street News can reveal.
The four-lot assembly, at 5589 Baillie Street, was slated for two midrise apartment buildings. Cushman & Wakefield had the marketing assignment on behalf of lender Amber Mortgage.
The property, originally listed for $22m, sold to an unknown buyer.
Initial development plans for the property comprised 120 market-rate apartments – a mix of studios to two-bedroom units – spread throughout two six-storey buildings.
Amber Mortgage started foreclosure proceedings in B.C. Supreme Court in November 2023 after the project’s owners, 40 Street Ventures BT and Align BC Development Corp., defaulted on their mortgage. They owed $5.5m at the time, according to court documents.
The sale represents one of several land assemblies to be listed in court-ordered sales in Vancouver in 2024.
