AMCO Portfolio
531 West Bay Terrace | 1360 Hornby St | 8616 Oak St

Premier West Coast Multifamily Portfolio

• Three different multifamily assets of scale located in some of B.C.’s most sought after sub-markets; Victoria, downtown Vancouver and Vancouver’s West Side.
• The value-add portfolio is comprised of 193 rental suites throughout Metro Vancouver and the Victoria Capital Region.
• All three properties owned by same long-term ownership group and managed to a very professional standard of care.
• Each property had its own unique attributes which appealed to different types of market participants.
• Portfolio could be broken up to different buyers and would not be discounted for a single portfolio investor.

Market Timing, Property Locations and Asset Quality Combined For Results

In the summer of 2021 which was the mid-point of the pandemic, the private family office engaged our team to market and sell their remaining multifamily investment portfolio. The three properties comprising the portfolio were all great locations; an ocean front 93 suite wood-frame building in Esquimalt overlooking Victoria’s inner harbour, a 67 concrete mid-rise building in downtown Vancouver, and a 33 suite wood-frame building in Southwest Vancouver’s Marpole neighbourhood.

Our client’s preference was to sell the whole portfolio to one investor, but would not entertain any discount to the market value of the individual assets, and so provided direction that it could be broken up. We knew the Victoria and downtown Vancouver buildings would be of most interest, and that the Marpole building would likely only appeal to local, private investors with similar holdings in that area. All three properties were managed to a very professional standard with minimal deferred repair and maintenance.

We marketed each property with its own dedicated campaign tailored to the target audience of each asset, and followed up with a separate campaign to acquire the aggregate portfolio.

With anticipation that the historically low interest rate environment caused by the pandemic would soon come to and end, time was of the essence to preserve market value to our client.

After a bid date on the same day for all properties we received several offers for each property, but did receive a strong unconditional bid from a national investment firm based out of Toronto for the whole portfolio. The sale closed in early 2022 as schedule with a  price of $76,000,000 prior to the first set of interest rate hikes in May of 2022, which certainly would have impacted value to this deal.

Property Details

Address: 531 West Bay Terrace, Esquimalt, BC

                  1360 Hornby Street, Vancouver, BC

                  8616 Oak Street, Vancouver, BC

Type: Concrete and wood-frame value-add multifamily investment

Sale Price: $76,000,000

Units: 193

Buildings: 3

Investor Type: National Institutional Investment Firm