strata wind-up done right — real guidance, real closure
- 9-unit waterfront strata wind-up
- previously two failed brokers, two collapsed deals
listing
description
Mariner Estates at 15989 Marine Drive was a complex strata wind-up involving nine owners and a deteriorating waterfront building. After multiple failed sale attempts and an extended period of uncertainty, the group engaged me to reposition the property for a successful close.
The building required significant repair, and the ownership group faced internal misalignment following two collapsed deals. Rather than relaunch with generic marketing, I focused on alignment, strategy, and execution.
Working directly with all stakeholders, I facilitated a coordinated sale process: vetting buyers, leading site visits with contractors, and developing a clear underwriting framework based on renovation feasibility and long-term value. The deal was positioned with transparency and precision — giving serious buyers the confidence to engage and the sellers the structure they needed to move forward.
After receiving four qualified offers, one stood out as the clear fit. The deal closed cleanly and without delay — providing resolution to a long-standing ownership challenge and allowing the group to exit with certainty.
investment
thesis
A rare, strata-wind-up waterfront building sold at development value with clear renovation upside. A redevelopment or repositioning opportunity with unmatched views and long-term hold potential.
policy
context
Zoned RM-2, the site sits on White Rock’s Marine Drive waterfront corridor, directly across from where Fraser Valley’s Campbell River meets open ocean. The site allows for multifamily use and aligns with the City’s strategic housing and coastal development policies. The location offers irreplaceable view corridors and walkability along the city’s iconic seaside boardwalk.
buyer
appeal
Buyers were drawn to the site’s rare location, but cautious of the building’s condition. The transaction required detailed analysis and strategic guidance — including development feasibility, retrofit pathways, and a custom underwriting model to support buyer confidence. The final buyer came prepared, informed, and aligned — and the deal closed without delay.
Strata wind-up completed after multiple failed attempts
Developer-grade retrofit analysis + buyer underwriting
Closed with care for nine owners and hands-on execution
specifications
Sold Price: $2,500,000
Total Units: 9
Suite Mix: 8 x 2-Bedroom, 1 x 1-Bedroom
Year Built: 1983
Lot Size: 8,730 SF
Rentable Area: Approx. 9,300 SF
Zoning: RM-2 (Multifamily Residential)
Storeys: 3
Parking: 9 Underground Stalls
Legal Description: Strata Lots 1–9 Plan NWS2057 Section 11 Township 1 Land District 36
PID Range: Available upon request
Property Type: Strata Wind-Up / Multifamily
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