Driftwood Apartments

Overview

Driftwood Apartments is a 75-suite three-storey apartment located on the corner of York Avenue and Arbutus Street in the highly sought-after Kitsilano neighbourhood, only a half-block from the Kitsilano Beach waterfront. The building has recently undergone a renovation program resulting in a significant increase in revenue. Held in a bare trust – share purchase available.

The property is improved on a large 38,312 SF corner lot and features an impressive 325 feet of frontage. Built in 1966, the building has been well maintained with many upgrades, and features elevator service, secured underground parking (62 stalls) and storage lockers. The unit mix includes 12 bachelors, 50 one-bedrooms and 13 two-bedrooms.

Upgrades

The building has been meticulously maintained with many upgrades over the years, including:

• Added new bachelor suite and various renovations to 7 suites (2023)
• 3 suites fully furnished (2023)
• Balcony railings replaced and floors resurfaced (2022)
• Replaced 13 windows and 2 sliding doors (2022)
• Replaced two sections of cedar siding (2022)
• New LED lighting in parkade (2021)
• Replaced sewer to fence line (2021)
• Upgraded landscaping in rear yard (2021)
• Replaced domestic water mains (2021)
• Upgraded parkade security gate (2020)
• Installed 200 solar panels on roof (2019)
• Replaced emergency generator (2019)
• New TPO roof membrane (2018)
• New high efficiency gas boiler and hot water tank (2018)
• Elevator modernization (2018)

Location

Driftwood Apartments is ideally located on the northeast corner of York Ave. and Arbutus St. in the heart of Vancouver’s Kitsilano neighbourhood. The building is steps to Kits Beach and a block east of the lively Yew Street commercial node. Local bus routes along Cornwall Avenue, a half-block north, provide convenient access to UBC and Downtown, while West 4th Avenue, four-blocks south, offers extensive shopping, amenities, cafes and restaurants.

The property is also within a 15-minute walk from the future Broadway Line Skytrain station at Arbutus and Broadway, and the Burrard Bridge is only 2 blocks away offering easy access to Downtown Vancouver.

Kitsilano Beach is one of the most popular and scenic parks in all of Metro Vancouver. The seawall and beach itself offer stunning views of English Bay, the West End’s skyline and the North Shore Mountains. The park is also home to Kitsilano Pool, a much-loved heated outdoor facility right on the waterfront, along with tennis, beach volleyball and basketball courts, the Kitsilano Yacht Club, waterfront Boathouse restaurant, and picnic areas.