Four-building Beach Avenue portfolio transfers for $305 million
601-unit MF share deal was completed between existing owners in 2019
Western Investor
The landmark Beach Avenue four-building portfolio in Vancouver’s English Bay has been transferred between existing owners of an investment trust in a $305 million agreement, according to Mark Goodman who brokered the arrangement with fellow Goodman Commercial Inc. principal Cynthia Jagger.
The share deal closed in February of 2019 and, according to RealNET, was valued at $305 million. Goodman announced the deal on April 16, 2020, once restrictions had been lifted.
In December of 2009 the property was purchased by Devonshire Properties (Beach Tower Investment Trusts Inc.) for $117 million, from Liberty Investments. At that time BC Assessment valued the property at $123.9 million.
The February 2, 2019, transfer was between the two partners of Beach Tower Investment Trusts Inc.
The waterfront property sits on 2.7-acres of land and features panoramic water and cityscape views, Goodman noted, who suggests it is the most valuable multi-family portfolio in British Columbia.
The property was valued in 2019 at $295.9 million by BC Assessment.
Copyright © Western Investor