CBRE was engaged by the owner to conduct the sale of 1649 E Broadway (Hub Place) – a rare transit-oriented, 12-storey concrete purpose-built rental apartment building with at-grade retail located along East Broadway in the City of Vancouver. Hub Place was uniquely positioned as the first completed project in the City of Vancouver to include MIRHPP units. The Property presented investors with an excellent opportunity to acquire rare multi-family scale in East Vancouver, where new rental supply is limited.
CBRE prepared comprehensive underwriting and executed a broad marketing campaign that effectively conveyed the strength of the Vancouver rental apartment market, maximized the income-producing properties, and positioned the asset as an exciting opportunity to play a leading role in the city’s goal to increase affordable housing. CBRE held a competitive bid process, resulting in an astounding seven offers to purchase. Ultimately, CBRE successfully transacted the asset to a well-known Canadian real estate investment trust.