A run on old apartment buildings continued as one iconic Burnaby rental building that is more than 50 years old was snapped up after the owner slash the price.
Seton Place just sold after being put on sale for $12 million, a price reduction of $1.25 million, according to Goodman Commercial Inc.
Seton Place is a 41-suite three-storey apartment building located in the heart of the established Burnaby Heights neighbourhood at 3940 Pender St., just one block south of Hastings Street and three blocks east of Boundary Road.
Built in 1970 and improved on a large 26,474 SF (217’ × 122’) RM3 zoned lot, the building’s suite mix comprises 8 bachelors, 30 one-bedrooms and 3 two-bedrooms. Other features include lane access at the rear, 40 secured underground parking stalls, and 32 residential storage lockers plus 9 others that have been converted into one large storage room.
Burnaby Heights is filled with three-storey rental apartment buildings built in the 1960s and ‘70s.
Sales activity in the Lower Mainland’s commercial real estate market reached the second-highest annual total on record in 2021, according to the Real Estate Board of Greater Vancouver (REBGV).
In the fourth quarter of 2021, Burnaby saw $655 million in commercial properties – a $532M jump from the third quarter.
Burnaby saw 106 office and retail property sales, 44 industrial sites, one multi-family property and 11 commercial land sales. The commercial land sales along sold for nearly $500 million.
There were 2,659 commercial real estate sales in the Lower Mainland in 2021, a 65.3 per cent increase from the 1,609 sales in 2020, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
Last year’s sales total is the second highest on record behind 2016 when 2,848 sales were recorded.
The total dollar value of commercial real estate sales in the Lower Mainland was $14.396 billion in 2021, a 66.7 per cent increase from $8.635 billion in 2020.
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