CAPREIT $54M Acquisition Of Parque On Park Top BC Multi-Family Deal In First Half Of 2023

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Both multi-family transactions and residential land transactions have seen a significant drop-off this year, but CAPREIT's $54M purchase of Parque on Park provided a noticeable boost. realestate realestatenews BC multifamily

The six-storey Parque On Park is located at 20449 Park Avenue in the heart of Langley — a short five-minute walk away from Langley City Hall and the City of Langley Library — and consists of 93 rental units, 11 of which are townhouses, and six of which are being utilized as short-term rentals.website

The building also includes 152 vehicle parking stalls and 53 bicycle stalls, provided both underground and on the surface level. According to the Avison Young report, multi-family investment in BC totaled to $279.7M in the first half of 2023, after reaching a total of $410.6M in H2 2022 and $1.5B in H1 2022.

The second-highest multi-family deal was that of the Harbour Light facility on 119 E Cordova Street in Vancouver, which BC Housingfrom The Salvation Army for $42M. Third was FDG Property Management's $16.75M acquisition of the Red Lion Apartments in North Vancouver from 0193914 BC Ltd.

 

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