The Western Investment Properties (WIP) Portfolio comprised of 19 properties improved with 22 rental apartment buildings with a combined total of 919 apartment units. The properties are all centrally located in 7 proven Greater Vancouver rental markets with strong population growth and low vacancy rents, providing the purchaser a secure income stream with unlimited growth potential. Each of the buildings had benefited from significant capital improvements and renovations that turned rental units into homes, and allowed each to attract and retain quality tenants.
Lance Coulson of the National Apartment Group - BC, along with fellow brokers Tony Quattrin and Jim Szazbo represented the seller, a private equity firm, in a bid process that saw significant interested from private and institutional investors. Ultimately, the portfolio was acquired by Canadian Apartment Properties REIT for $170M in 2015.
The sale of this premier portfolio represented BCs largest ever one-time multifamily portfolio trade.
This transaction was featured in www.bisnow.com