The transaction comprised a well maintained 60 suite rental building, which provided scale and operational efficiencies and significant upside in rent to increase cash flow and yield. The Purchaser was also able to acquire the adjacent subdivided land parcel of approximately 38,212 Sq. Ft., providing an excellent opportunity to construct a future purpose-built rental building in an area with zero vacancy.
The properties are ideally located in a quiet neighbourhood on Malaview Avenue and Fifth Street in the seaside town of Sidney, just 6 km south of the Swartz Bay Ferry Terminal and approximately 25 minutes from Victoria’s vibrant downtown core, the parliament buildings and Victoria’s inner harbor. The properties are within walking distance to grocery-anchored shopping, a variety of financial institutions, a good cross-section of restaurants, and speciality shops & services, making it an ideal neighbourhood to develop purpose-built rental buildings in the future.
Our CBRE National Apartment team represented the Vendor and sourced the buyer for this successful transaction and we continue to be one of the leaders in completed apartment sale transactions in the Greater Victoria market.