Goodman to Market Centra Multi-Family Development Site in Court Sale
A 1.18-acre multi-family development site in Surrey City Centre, including a partially constructed 167-unit residential project known as Centra, has been listed for sale through a court-ordered process.
Goodman Commercial is marketing the property at 13862 101 Avenue in Surrey on behalf of court-appointed receiver Alvarez & Marsal. The approved project includes a 24-storey concrete tower and a two-storey townhouse and amenity building with 167 residential units and 194 underground parking stalls.
Construction has progressed to the sixth storey above grade, with more than $23 million already spent on hard construction costs, according to marketing materials released by Goodman Commercial. The development also includes fully paid entitlements and completed design drawings.
Originally intended as a condominium development, the project was previously pre-sold before construction delays led to all purchase contracts being rescinded, creating what Goodman described as a “clean slate” for a new owner to relaunch a sales program or reposition the development as a rental project.
The planned development totals 121,956 square feet of net saleable or rentable area, with an average unit size of 730 square feet. Proposed interior finishes include wide-plank laminate and tile flooring, quartz countertops, integrated stainless-steel appliances with gas ranges and central air conditioning.
The property is located near Surrey’s King George SkyTrain Station, Central City Shopping Centre, SFU Surrey Campus and Surrey Memorial Hospital, in one of Metro Vancouver’s fastest-growing urban centres.
Pictured: Partially built Centra project.
Photo: Courtesy of Goodman Commercial
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
Learn more
Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
Learn more
JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout