Western Investor has reported that Arbutus Gardens a 55-unit rental building built in 1973 has sold for $8.5 million. The building has undergone $1.6 million in renovations. The property has a 4.3 per cent capitalization rate and a net operating income of $383,748. The building includes a mix of six bachelor suites, 31 one-bedroom units and 18 two-bedroom suites.
It was listed for $8,850,000 with an assessed value of $4,561,000.