Nursery Heights
301 Nursery Hill Dr, Victoria
Sold for $26,500,000
$26,500,000
Sale Price
72
Total Units
2019
Year Built
$368,056
Price Per Unit
DESCRIPTION
Sold Nursery Heights, 301 Nursery Hill Dr, Victoria.
Prominent developer WestUrban Development built this purpose-built rental building in the Western Communities of Victoria, British Columbia. The building featured 65 apartment units in a 6-storey wood-frame apartment building with 7 large townhome units beside.
Nursery Heights is located just 20 minutes drive to downtown Victoria, a convenient option for working professionals. The site has stunning views over Esquimalt Harbour, the Strait of Juan de Fuca and the Olympic Mountains.
Several neighbourhood parks are nearby including Nursery Hill Park, Chilco Park and Thetis Lake Provincial Park.
A stunning landmark building with high-quality construction and condo-like interiors.
SPECIFICATIONS
Property Type · Apartment Building
Lot Size · 62,726 Sq Ft (1.44 Acres)
Year Built · 2019
Zoning · CD-9B
Suite Mix · 21 x 1-Beds, 42 x 2-Beds, 7 x 3-Bed Townhomes
Parking · 98 Underground Spaces
HIGHLIGHTS
Forward Sale, Sold Prior to Occupancy Permit
Brand New Purpose-Built Rental Apartment
Excellent Location 20 Minutes to Downtown
LOCATION
301 Nursery Hill Drive
View Royal BC V9B 0E2
Legal Description
Lot C Plan VIP80154 Section 6 Land District 21 & SEC 103
PID
026-532-476
Assessed Value (2020)
$24,021,000
ABOUT THE DEAL
HOW WE DID IT
Nursery Heights was marketed privately and exclusively. Multifamily Real Estate Services represented the vendor.
We contacted suitable buyer groups directly, leveraging many years of building relationships. Asset managers, capital corps, large syndicators, public REITs, private REITs and three large family investment groups were presented with the opportunity. Several interested parties presented offers. One was chosen above the rest.
WHAT WE LEARNED
Relationships with top-tier investment groups were strengthened through the Nursery Heights sale process. We enjoyed working with the best-of-the-best at national REITs and large asset managers. The high level of discourse and degree of professionalism cannot be overstated. The buyer’s due diligence process was extensive. We solved problems right up to the day of closing. Close communication and an intimate knowledge of buyers’ internal processes was essential to the success of this transaction.