A 32-storey concrete tower with ocean views has been sold near the corner of Beach Avenue and Thurlow Street.
Martello Tower has 220 rental units. The buyer is Vancouver-based Mayfair Properties for an indisclosed price.
The building is noteworthy for its rounded structure, which sets it apart from other rental buildings in the area.
Mayfair also owns Beach Apartments at 1133 Beach Avenue, as well as six other rental properties in Vancouver and North Vancouver.
Goodman Commercial's Mark Goodman and Cynthia Jagger represented the buyer.
"It was a share sale so it's not going to be in the public domain," Goodman told the Straight by phone. "In any event, it's a huge deal. It's significant."
The assessed value is nearly $130 million.
"It's one of the biggest rental complexes in British Columbia," Goodman added. "It's waterfront. It's Beach Avenue."
There's also an opportunity for a second building to be built on the site.
"It's a very viable development, for sure," he said.