New Westminster Rental Buildings Fetch $18M in Metro Vancouver Deal
Two New Westminster apartment buildings sold for $18M, according to Goodman Commercial. The combined 91-suite portfolio at 1010 and 1025 St. Andrews St. traded at roughly $198K per suite and a 5.3% cap rate. The closing price came in below the $21.2M asking price.
Goodman Commercial brokered the sale of Twin Hollies and St. Andrews Manor, two rental properties on St. Andrews Street in New Westminster’s Brow of the Hill area. Together they hold 91 units across 1.3 acres, with 76 parking spaces and a mix of six bachelor, 59 one-bedroom and 26 two-bedroom homes.
Twin Hollies, completed in 1968, has 43 suites; St. Andrews Manor, finished in 1969, has 48. Both have seen upgrades to roofs, boilers, elevators and shared spaces. The buyer paid about $198,000 per suite at a 5.3% cap rate, below the $21.2 million asking price, which implied roughly $233,000 per suite and a 4.5% cap rate.
The transaction may offer a pricing signal for Metro Vancouver’s older rental stock, potentially influencing how owners, buyers and lenders assess similar buildings. Tenants in New Westminster could be affected if new ownership invests further, adjusts rents where permitted, or changes management. The below-asking sale may also shape expectations among investors weighing rental housing acquisitions, though its impact on broader affordability remains uncertain.