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UPDATE: Port Coquitlam 65-unit apartment building sells for $18.2 million

McAllister Apartments and Plaza is a fully leased three-storey building; it sold just as the city plans an upgrade to civic facilities located next door.
2232 McAllister Avenue
An apartment building with 65 rental units and eight commercial units recently sold in Port Coquitlam's downtown.

A purpose-built apartment building in downtown Port Coquitlam with 65 rental units is now in the hands of a new owner.

Broker William Wright Commercial announced the sale of the McAllister Apartments and Plaza at 2232 McAllister Ave. 

As reported in the Western Investor — a sister site of the Tri-City News — the building sold for $18.2 million that includes apartment units as well as eight commercial units.

All are fully leased and PoCo Mayor Brad West says he welcomes the local investment.

West tells the Tri-City News he will be "working with the new owners to continue to provide secure rental housing in our community, along with new opportunities for commercial space for local businesses."

The Tri-City News has reached out to the brokerage firm to find out who bought the building which dates back to 1972, according to BC Assessment.

A spokesperson would not reveal the owner's name but said they have "no plans to change anything but to maintain and improve the building."

The purchase price was nearly $1.5 million more than the assessment of $16.72 million valued by the assessment authority on July 1, 2021.

According to a news release from William Wright Commercial, the property is in a walkable area close to downtown, shops and transit.

As well, the city is planning to renovate Leigh Square and Veterans Park next door and has been upgrading the McAllister Avenue thoroughfare for a more pedestrian-friendly street.

West acknowledged the building is in a perfect location to take advantage of these new amenities.

"There's a lot of interest in the area right now as our work to create a vibrant, safe and walkable downtown moves forward."

However, there could be some concerns for the tenants.

The announcement from William Wright Commercial indicates higher rents may come into affect, but the B.C. government limits rent increases in a 12-month period.

"This well maintained building has strong, stable cash flow. Upon turnover, the new owner can increase rent on both the residential units and retail components."

For residential tenancies, the standard allowable rent increase for 2022 in B.C. is 1.5 per cent, even if there is a new landlord.

However, this regulation does not include commercial tenancies.