LAKE COUNTRY, British Columbia, March 4, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Lake Country Lofts, a 71-unit apartment property in Lake Country, British Columbia. The property sold for $20 million, which equates to $281,690 per unit.
“Predominantly composed of two-bedroom apartments, Lake Country Lofts is well-positioned for future growth in a market with low vacancy and high demand,” said Bradyn Arth, IPA senior vice president. Arth and IPA’s Bradley Gingerich, Paul Chaput and Jane Woertman represented the seller. The buyer is Skyline Apartment REIT.
Built in 2010 on 1.9 acres, the property is close to Highway 97, the Lakewood Mall and the Winfield Shopping Centre. Residents have easy access to Downtown Kelowna and Kelowna International Airport.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.