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This rental apartment building in Coquitlam just sold for $14.75 million

Realtor received at least 100 email inquiries to purchase this apartment building in Austin Heights
1055 and 1065 Howie St Coquitlam rental building
Austin Heights rental building in Coquitlam recently sold. Royal Pacific Realty, Vancouver, for Western Investor

A large rental apartment complex in Coquitlam has sold for $14.75 million.

But the new owners are holding it for a long-term investment, says the realtor who brokered the deal.

Commercial realtor Jordan Guo said apartment buildings of this quality rarely come up and he received at least 100 email inquiries about the property.

"There are a lot of buyers and not much for sale," said Guo.

As originally posted in the Western Investor, the property located at 1055 and 1065 Howie St., Coquitlam, sold for $273,000 per door.

Built in the 1970s, it's a well maintained apartment with 54 rental units on nearly 40,000 square feet of land (0.91 acres) with RM2 (three-storey medium density apartment residential) zoning.

BC Assessment value is  $13.10 million.

According to Guo, the purchasers are Howie Garden Developments Ltd., and they have no plans for changes to the property.

However, typical investors that purchase these properties hold them for 20 years or more, said Guo, with the goal of eventually developing the land.

He said the rental apartment is "in very good shape."

"The buyer has no plans to do anything with it," Guo said.

The list price was $15 million, with the sale price $14.75 million and the date of sale was Feb. 28, 2022.

The brokerage firm was Royal Pacific Realty, Vancouver.

It's not the only rental building recently sold in the Tri-Cities: In January, a 65-unit apartment building sold for $18.2 million in downtown Port Coquitlam.