February 2021 Newsletter

As we enter into the first quarter of 2021, investors continue to search for strong yield-performing investments in the different asset classes. CRE investments continue to be active especially in key markets, with significant capital being placed by both institutional and private groups in the multifamily asset class. Notable transactions include:

1. Hollyburn Portfolio – 15 Buildings in Vancouver’s West Side – $292,500,000
2. Barclay Tower – 2035 Barclay Street – Please contact VIDA Team for pricing details.
3. MC2 – 8101 Nunavut Lane & 488 West 64^th Ave – $48,500,000

Despite the uncertainty in the office sector, there is appetite from investors for assets backed by strong covenanted tenants situated in key neighborhoods with strong fundamentals. Notable transactions include:

1. 5685 Yew Street – Please contact VIDA Team for pricing details.

2. 2695 Granville Street – $28,600,000
3. Willingdon Business Park Phase IV – $108,000,000

Developers continue to look and acquire primely well-located residential and commercial land sites for their development pipeline in 2021. Notable transactions include:

1. 622 Southwest Marine Drive – $68,137,000

2. 550 Cambie Street – $57,000,000
3. 1424-1448 West Broadway – Please contact VIDA Team for pricing details.

Details of Collier’s Canada Cap Rate Report Q4 2020 and Canada 2021 Investor Sentiment Survey can be found below:

https://www.collierscanada.com/en-ca/research/canada-cap-rate-report-2020-q4

https://www.collierscanada.com/en-ca/research/canada-2021-investor-sentiment-survey-results

If you have any questions regarding an acquisition, disposition or how we can help with your real estate needs, please contact us.

Westbank’s 5055 Joyce: 

Since its initial proposal in Fall 2018 for a 32-storey (305 ft) 298-unit condominium development, Westbank revised its rezoning application for a 36-storey (315 ft) 360-unit secured rental development in March 2020.The application received approval in October 2020.

Details: https://rezoning.vancouver.ca/applications/5055joycest/index.htm

QuadReal and Westbank’s Oakridge Centre Development: 

A revised rezoning application has been submitted in 2020. The applicants seek to increase building heights up to 9 additional storeys from what was approved in 2018, converting from condominium to rental units, and changes to the build form. The proposal includes 775 new housing units (319 additional market rental and 94 moderate income rental units).

Details: https://shapeyourcity.ca/650-w-41-ave

Starlight Investments Lougheed Village: 

Since its initial application in 2018 for two rental towers, Starlight just recently revised its application for an additional third tower. If approved, the project will add 1,200 new rental units, in addition to the existing 528 units, making it the largest all-rental development in Metro Vancouver.