There’s no asking price, but they’re believed to worth up to $400 million
Bruce Constantineau
Sun
The four Beach Towers at 1600 Beach Ave. in the West End have been put up for sale by the Wosk family. They have 598 units, approximately 15 per cent of the West End’s apartment supply. Photograph by: Jenelle Schneider, Vancouver Sun
Vancouver‘s Wosk family has put eight city apartment highrises up for sale — including four towers with about 15 per cent of the West End‘s rental apartment supply.
There’s no asking price in the listing from Colliers International, but the total portfolio is believed to be worth from $350 million to $400 million.
The four Beach Towers in the West End — at 1600 Beach Ave. and 1651 Harwood St. — have 598 units and a zero-per-cent vacancy rate.
Four more highrises and an apartment/townhouse complex near 57th and Cambie, known as Langara Gardens, have 605 units and a vacancy rate of 0.2 per cent.
The properties are being sold by Liberty Investments Ltd., which is controlled by the Wosk family.
A marketing brochure describes the properties as “flagship assets” that will enhance the value of any portfolio. It says the units collectively represent about two per cent of private rental apartments in the city of Vancouver.
The West End properties sit on about one hectare of waterfront land, while the Langara Gardens complex lies on about eight hectares.
The listing agents for the properties are Colliers representatives Avtar Bains and Simon Lim.
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