record price achieved for fully rebuilt kootenay apartment portfolio
- 36-unit full renovation
- new benchmark pricing
- balanced, strategic negotiation
listing
description
This sale of Pinecrest Apartments in Sparwood marked a new benchmark for pricing in the Kootenay rental market — closing at over $86,000 per unit in a town where no comparable sale had ever come close. The three-building, 36-unit portfolio had been completely overhauled: purchased out of foreclosure, stripped to structure, and rebuilt with new interiors, windows, plumbing, envelope, and roofing. What emerged was a fully stabilized, turnkey investment producing reliable cash flow with no deferred maintenance.
The challenge wasn’t the product — it was the price. With no comps to lean on, the deal required a precise balance: defending full value on behalf of the seller while managing buyer expectations in unfamiliar territory. That’s where experience and negotiation strategy made the difference. By clearly presenting the renovation depth, income stability, and upside, I created the framework for a deal that both parties could support — and successfully closed a transaction that redefined pricing in the region.
investment
thesis
Three fully renovated, stabilized apartment buildings with strong yield, no capex required, and long-term operational efficiency — in a resource-backed growth market.
policy
context
Zoned for multifamily residential use, all three buildings sit on a combined 1.04-acre site in the heart of Sparwood, directly supported by the community’s housing goals and economic base. The property is ideally suited for long-term rental operations in a town anchored by steel-grade coal production and trans-Canada logistics.
buyer
appeal
The buyer acquired a fully rebuilt, stabilized asset in a growing regional market with few comparable offerings and a deep backlog of rental demand. What stood out wasn’t just the quality of the buildings — it was the clarity and confidence behind the deal.
With vendor financing available, a strong cap rate, and fully occupied units, this portfolio represented a turnkey entry into a durable submarket — made possible through structured negotiations and value-driven positioning.
Fully rebuilt interiors & systems
Record-setting price per unit
100% occupancy, turnkey income
specifications
Sold Price: $3,098,000
Total Units: 36
Suite Mix: 24 x 1-Bedroom, 12 x 2-Bedroom
Price Per Unit: $86,056
Lot Size: 45,211 SF (1.04 Acres)
Rentable Area: 23,160 SF
Gross Area: 27,360 SF
Year Built: 1969
Year Renovated: 2013
Zoning: Multifamily Residential
Occupancy: 100% at time of sale
Parking: 40+ Surface Stalls
PIDs: 008-549-892, 008-549-974, 008-549-877
Legal Description: Lots 1, 2 & 3, District Lot 4589, Kootenay District Plan 7124
Property Taxes (2019): $10,709
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