Plaza 500 is a strategically located, mixed-use commercial and high-rise residential rental tower located on-transit in the heart of Vancouver. The residential portion of this property had been recently reconstructed and renovated, providing 118 modern, high-quality suites with exceptional views. The property offered a unique value-add opportunity to redevelop a portion of the site for additional residential density. Plaza 500 was positioned in the market as an exciting opportunity for a purchaser to capitalize on the strength of the Vancouver rental apartment market and own a premium rental investment asset in a highly desirable location. After an initial comprehensive marketing process that yielded several competitive offers from both local and institutional purchasers, CBRE was appointed by the mortgage holder of the asset to conduct a court-ordered sale of the property.
CBRE created a competitive bidding environment through the execution of a comprehensive global marketing campaign. This process resulted in multiple unconditional offers from qualified investors. CBRE successfully transacted this asset to a private investor at market-leading pricing, guiding the sale through the court-ordered process, and resulting in the largest multi-family transaction in Metro Vancouver in 2020.