New Westminster Apartment Pair Trades For $18M
Two New Westminster apartment buildings have traded for $18M, providing a fresh transaction marker for Metro Vancouver’s purpose-built rental market.
Twin Hollies at 1010 St. Andrews St. and St. Andrews Manor at 1025 St. Andrews St. sold for about $198K per suite at a 5.3% cap rate, according to Goodman Commercial, which handled the transaction.
The properties contain a combined 91 apartments in New Westminster’s Brow of the Hill neighbourhood. Twin Hollies has 43 suites and was built in 1968, while the 48-unit St. Andrews Manor was completed in 1969.
Goodman had marketed the properties for a combined $21.2M, or about $233K per suite, at a 4.5% asking cap rate. The $18M closing price was about 15% below the asking price. Goodman said the transaction closed at a 5.3% cap rate.
The two properties occupy a combined 1.3 acres and include 76 parking stalls. The suite mix comprises six bachelor, 59 one-bedroom and 26 two-bedroom apartments.
Both properties have received a series of capital improvements, including work on roofs, boilers, elevators and common areas.
The buildings are less than one kilometre from downtown New Westminster, with access to SkyTrain, Douglas College and the Uptown commercial district.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout