Located at 1550 Oxford Street, Pivot is a 6-storey, multi-family residential rental project in the vibrant town centre of Lynn Creek in North Vancouver, B.C. Under construction at the time of marketing, Pivot will comprise of 88 one-, two-, and three-bedroom units for a total of 70,733 sq. ft. of net rentable area. The building is 100% market rental, so there is no requirement to provide any affordable housing (ie. below market rents). The Property was positioned as a unique opportunity to capitalize on the balanced suite mix that would complement a variety of ages and stages of life while also contributing to the growing need for rental housing in North Vancouver. With indoor and outdoor amenities, public spaces, a rooftop patio, and a revitalized streetscape, Pivot will blend seamlessly into the vision outlined in the Official Community Plan for Lynn Creek Town Centre, providing transit-oriented, family-friendly living surrounded by high-end amenities and luscious green space. As a result, the Purchaser acquired a unique long-term investment property that will become part of Lynn Creek Town Centre’s growth and development. The Purchaser was able to take-over the leasing of the building, providing the opportunity to capitalize on tremendous market rent growth.
Through a comprehensive marketing campaign highlighting these key features of the Property, CBRE was able to successfully transact the asset to an institutional investment fund.