Multi-family rentals in Kelowna hit record $500,000 per door

A rental complex under construction and a new strata rental development have set new high prices for residential transactions in the city of Okanagan

A new multi-family rental project in Kelowna that isn’t even built yet has sold for the equivalent of $363,500 per door to Toronto’s Centurion Apartment Real Estate Investment Trust.

The same real estate team also brokered the recent sale of a new rental apartment and townhouse complex in Kelowna for $500,000 as a result, a new record price for rental units in the Okanagan’s largest city. in British Columbia.

The 238-unit rental complex, Knox Mountain in downtown Kelowna, is currently under construction with the first phase expected to be completed in 2023. The $86.5 million purchase price represents the largest building transaction apartments in the interior of British Columbia, according to Peter Gibson of Cushman & Wakefield, who co-negotiated the deal with Steve Laursen of Royal LePage Kelowna.

The strata development, Proxima Urban Homes, is a 59 apartment and townhouse complex in downtown Kelowna that was completed in 2021. Located two blocks from Lake Okanagan, it has sold for $29.5 million to Canadian Apartment Properties Real Estate Investment Trust LP, of Toronto.

Both properties are residential rentals and have attracted multiple offers, according to listing agents.

“Proxima was originally built to be a condo. It is a stratified building located right in downtown Kelowna, in Kelowna’s newest residential and commercial area,” Laursen said.

Both developments were built and sold by Kerkhoff Develop-Build, with headquarters in Chilliwack, BC, and another office in Kelowna.

Kerkhoff is a family business in business since the early 1970s, building one of Kelowna’s first downtown skyscrapers. Currently, it is constructing the One Water development in Kelowna with two towers of 36 and 29 stories, comprising 426 strata units.

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