A residential real estate deal on downtown Vancouver’s English Bay waterfront has been deemed the largest single-asset multifamily transaction in Canadian history.
Goodman Commercial, which brokered the deal, announced the $305 million sale of four 24-story towers known as The Beach Towers. There are 601 units spanning up, ranging in height between 19 and 21 stories, with a 455-spot indoor/outdoor garage.
The new owner is Devonshire Properties. The sellers were two private partners, which previously owned the towers jointly as Beach Towers Investment Inc.
The 2.7-acre property spans two sites and boasts panoramic views of Burrard Inlet and the Vancouver Westside portion of the Burrard Peninsula.
The transaction tops the previous multifamily single-asset record sale, The Rockhill apartments in Montreal, which was sold for $268 million by Minto Apartment REIT in April 2019.
