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From
the late 1960's onwards concrete high rise towers with spacious accommodation
made the the West End of Vancouver the densest area of
high-rise living in North America. The majority of these
buildings were rental apartment building although a few luxury coops were
built along Beach Avenue and next to downtown Vancouver's 1,000 acre Stanley
Park. Around 1983 West End
high rises were selling at $35,000 to $40,000 per suite while wood frame
traded at $30-$35,000. Remember Barry
Groberman's "Buy This!" around the city? His client
M.J. Wosk
paid $30 million for
Beach Bay Towers which worked out to $50,000 a suite. Outrageous
the pundits commented. Everyone thought he had overpaid for the
complex of apartment towers on Beach. Landlords
active in this asset class included Skalbania, Aquilini, First City and Earl
Lohn. We have done deals with all of the
above. In the late 70's
an ambitious development group from Hong Kong constructed Alberni Place as
the city's first strata-titled condominium building but alas the market was
not ready. Vancouver residents were used to their single-family
homes and that project was not a commercial success due to its timing. But
a handful of astute investors amassed this prime asset class and have reaped
the benefit of recession-proof cash flow while the City down zoned the
density of the lands so such buildings could not be
replaced. Dominant players accumulated significant
portfolios like Norm Cressey, Gordon Shrum, Tom MacIntyre, Roadberg, Tiampo,
Gordon Diamond, Tom Campbell, Bob Brodie, and Peter Wall to name a few of
Vancouver's established landlords. The vacancy rate in Vancouver has consistently
remained low, at 1% or less, for the last three decades as a
result.
We have been instrumental in the
brokerage of en-bloc apartment buildings and have dominated the
investment scene in Vancouver and other locales around the world with
our deals for over the past two decades. Here are some of our deals.
VANCOUVER
|
MacDonald Development
Corp
Deloittes Touche as
receiver
| Discovery Quay
en bloc |
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|
Liberty Investments
Bonniehon
Northwest Trust
1395
Beach Avenue
en bloc
waterfront |
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| Entire
City Block sold |
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Cressey Tudor
Manor
| 1311
Beach
waterfront |
|
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Li Family relatives
| 1111 Beach
en bloc waterfront |
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Private Client
| Portfolio - Vancouver's
First |
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Burrard International
Bentall Group
Delta Land
| Georgia Hotel |
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