425 – 6th Street
Concrete Apartment Building
Peter Mitham, Business in Vancouver
October 28 – November 3, 2014
While attending the recent Canadian Apartment Investment Conference in Toronto, Vancouver brokers David and Mark Goodman heard plenty about the need for new apartment construction. But they also heard about some of the new projects in the works to meet that need, not only in tight markets such as Vancouver but also in smaller centres where vacancies are several times the rates seen here.
Shortly after returning from Toronto, the Goodmans circulated a listing brochure for The Crest, a 121-suite purpose-built rental building at 775 Terminal Avenue North in Nanaimo priced at $21.5 million.
The duo has handled the sale of several new, purpose-built rental projects in the past couple of years; in one case, the $27 million sale of two rental apartment buildings at Intracorp’s MC2 project at Marine and Cambie prior to completion.