Landmark Sale for Victoria Multi-Family Team
The Colliers Victoria Multi-Family Practice Group recently completed an off-market transaction of The Verve apartments, a 95 unit purpose built rental building, in Victoria, BC. Ken Cloak, Grant Evans, and Dominic Ricciuti represented the vendor, Abstract Ventures & NVision Properties in the sale of the asset to Centurion REIT for $32.7M, one of the largest transactions to date this year.
Colliers’ long standing relationship with the developer enhanced our ability to take on the mandate for this off-market listing and present it to a small group of registered and capable prospective purchasers who were approved by the developer. This quality built, fully-leased asset was attractive to purchasers due significant demand and a limited supply of new product of this nature in the Victoria market. The Multi-Family team was able to generate an offer from Centurion REIT and the sale closed August 7, 2019.