Sold for over $300 million: Beach Towers overlooking Vancouver’s English Bay gets purchased

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      A Vancouver realty company has announced what it describes as the biggest single-asset multi-family transaction in Canadian history.

      Goodman Commercial Inc. revealed Friday (April 17) that BeachTowers, a rental complex of four towers overlooking English Bay, has been sold.

      Company principal Mark Goodman told the Georgia Straight that the property sold for over $300 million.

      Goodman and Cynthia Jagger are principals with Goodman Commercial.

      The firm indicated in its announcement that the 2020 assessment of the Vancouver property totals nearly $296 million.

      According to the company, the land is valued at more than $152 million, and the buildings, over $143 million.

      The announcement comes with a note stating that the “transaction occurred in 2019 and announcement limitations have since been lifted”.

      “This represents the largest single-asset multi-family transaction in Canadian history,” according to Goodman Commercial.

      Beach Towers was built between 1965 and 1968.

      The four rental towers sit on a one-hectare waterfront lot.

      The complex is comprised mostly of one-bedroom units numbering 562. The rest of the 601 units are two-bedroom rentals.

      Located at 1600 Beach Avenue and 1651 Harwood Street, the property is described by Goodman Commerial as a “coveted beachside community”.

      "The complex boasts amenities such as a fitness centre, in-door heated pool, hot tub, sauna, pet spa, bicycle room, secure parking and on-site car share availability," according to Goodman Commercial.

      Cynthia Jagger and Mark Goodman with Beach Towers on the background.

      The agents did not reveal the identities of the buyer or seller.

      However, Devonshire Properties Inc. has been listing Beach Towers on its website as part of its real-estate portfolio in recent years.

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