SOLD! Off-Market Residential Redevelopment Land in Royal Oak Burnaby, BC
June 7, 2024
An off-market One-Acre land assembly in the Royal Oak neighbourhood of Burnaby BC has completed. The final total transaction value of the assembly was $15,950,000.
Steve Da Cruz CCIM of CASM Global represented the sellers and Blake Gozda along with Nathan Kewin of Cushman Wakefield represented the local buyer group, Vittori Developments.
The two parcels are located at 7315 & 7305 Buller Avenue in Burnaby. Their placement within the upcoming Royal Oak Urban Village Community Plan contemplates low-rise apartment density suggesting 6-8 stories. The subject site falls within an approximate 800m radius of the Royal Oak Skytrain station.
The deal is one of the largest residential redevelopment considerations to transact in Burnaby to date in 2024 and points to renewed confidence in the market.
“All types of housing are desperately needed and it’s wonderful to see proven local developers being able to move forward again. A great sign of improved sentiment for Burnaby and beyond.” – Steve Da Cruz CCIM
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