overlooked by many — acquired through insight and trust

sold

29 Sept

Brand new construction
Mixed-use downtown asset
Referred by leading market expert

            $4,100,000
            sold
        
            address
            135/143 Front St, Penticton, BC
        
            lot size
            6,000 SF
        
            total units
            15
        
            year built
            2019
        
            price per unit
            $273,000

listing
description

On surface, this deal didn’t pencil. Many brokers had looked and walked away — focusing on the cap rate and assuming the asset was overpriced. But thanks to a referral from Goodman Commercial’s Mark Goodman — one of B.C.’s most respected multifamily brokers — I had the opportunity to represent the buyer in this transaction. It was a vote of trust, and one I took seriously.

What others missed, I saw clearly: this wasn’t an ordinary deal. The Brix is a brand new, concrete-and-steel, mixed-use building in the heart of downtown Penticton — just one block from the lakefront. Through my experience working with developers across the province and reviewing hundreds of construction packages, I recognized that this building was substantially overbuilt. Reviewing time-lapse construction photos confirmed what I suspected: this was high-quality, family-built product that would stand the test of time.

While many buyers focused on initial cap rate, I focused on long-term yield — the investor IRR that accounts for reduced maintenance, lower turnover, greater stability, and fewer surprises. I built the case, proved the numbers, and helped my client see what others had missed. That’s how you unlock latent value — and turn a misunderstood listing into a long-term investment win.

investment
thesis

A brand-new, overbuilt mixed-use asset in a prime lakefront location — offering long-term stability, low operating costs, and higher-quality returns over time.

policy
context

Located in downtown Penticton and zoned for mixed-use, this site aligns with the city’s densification and town centre planning goals. The combination of new construction, central location, and commercial-residential flexibility supports long-term income stability in a growing, tourism-driven community.

buyer
appeal

What looked like an overpriced deal turned into a strategic win. The buyer, referred personally by a respected industry leader, relied on my experience to see through surface metrics and into the underlying opportunity. Through clear analysis and deep construction knowledge, I helped them acquire a trophy-quality building others had overlooked — and gave them the confidence to move forward.