Gracorp may be new to the Vancouver residential rental market, but it has accomplished the near-impossible by purchasing a tiny condo building in the West End and converting it into a purpose-built rental tower.
When the city passed a policy a year ago to reward rental buildings in the West End, the business, which has been actively building rental in Calgary and Seattle, leaped on the opportunity. In accordance with the city’s rezoning standards, the proposed 15-story building would be 100% rental and 20% of the project will be dedicated to moderate-income rental housing.
“The market had gone down a bit because of COVID, and the general market correction stuff, and we saw an opportunity and we were really fortunate to just get this thing to work financially, to turn a condo building into a rental,” said Jake McEwan, managing director, British Columbia at Gracorp.
Gracorp joined with Fiera Real Estate Core Fund LP for the first time last year to purchase and redevelop the four-story wood-frame condo building in the highly sought English Bay neighbourhood.