rare kamloops rental secured through trusted dialogue
- 25 updated units
- prime riverside location
- direct-to-owner opportunity
listing
description
Riverside Gardens, a 25-unit apartment building on Kamloops’ vibrant North Shore, was acquired for $4.5 million by a nonprofit housing society. Set on a 0.84-acre riverside lot, the property offered 12,720 SF of updated rental space with 25 surface parking stalls and a solid tenant base.
Kamloops apartment sales are exceptionally rare — and this was a direct-sourced transaction, made possible through long-standing relationships and open, high-trust dialogue. Despite building, environmental, and financing challenges, the deal closed successfully, preserving a critical rental asset for long-term affordability in the region.
investment
thesis
This transaction delivered a rare multifamily foothold in one of B.C.’s tightest investment markets — a stabilized, well-located asset with long-term community value and no comparable supply.
policy
context
Located within the City of Kamloops’ core North Shore area, Riverside Gardens benefits from a strong rental housing designation under the OCP. While not acquired for redevelopment, its underlying land use reinforces long-term multifamily utility and eligibility for public funding. The site’s scale, layout, and existing residential use aligned well with nonprofit acquisition programs focused on permanent affordability.
buyer
appeal
The buyer — a nonprofit housing society based in the Interior — acquired Riverside Gardens to expand its affordable housing portfolio. The deal came together through direct dialogue with the longtime owner, built on more than a decade of relationship-building and market presence. Numerous roadblocks emerged during the process — including engineering concerns, environmental diligence, and a complex mortgage assumption — but transparent communication, grounded expectations, and experience-driven guidance allowed both sides to navigate uncertainty and reach completion.
Rare Kamloops multifamily
Preserved rental housing
Direct seller relationship
specifications
Sold Price: $4,500,000
Lot Size: 36,587 SF (0.84 acres)
Zoning: RM (verify exact designation)
Land Use Designation: Multifamily Residential (OCP)
Address: 139 Tranquille Rd, Kamloops
Year Built: 1964 (extensively updated)
Total Units: 25 (16 x 2-bed, 8 x 3-bed)
Rentable Area: ~12,720 SF
Construction: Wood Frame, Concrete Perimeter
Parking: 25 Surface Stalls
Exterior: Stucco with Wood & Aluminum Trim
Roof: Asphalt Shingle
Windows: Aluminum Frame Twin Seal
Basement: Full Unfinished Crawlspace
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