Anthem Properties has announced their acquisition of an aging townhouse complex at 585 Austin Avenue in Coquitlam, after the B.C. Supreme Court approved the sale earlier this year.
The complex, named Brandywine, is the second strata-titled property transaction to complete since Bill 40 became law in July 2016.
According to Business in Vancouver, the majority of owners in the complex wanted to sell to Anthem for a reported $32 million, even though nine owners opposed the sale. The request was granted by the B.C. Supreme Court.
“Prior to 2016, the law required 100 per cent of the owners to vote to dissolve their strata,” said Steve Forrest, vice president, acquisitions and development at Anthem. “Bill 40 lowered that threshold to 80 per cent, making it possible for the vast majority of owners to compel a sale. The process was long but it was fair, and even though we had to increase the price to match the growing market over that time, we are happy with the outcome.”
Anthem has applied to the City of Coquitlam to redevelop the property. If rezoning is approved, the 58-unit townhouse complex will be replaced by two new towers.
The 23 and 28-storey concrete towers, named Wynwood Green, include 379 condominium units, bordering the Vancouver Golf Club and Brookmere Park.
These “towers in the park” will be inspired by mid-century design and registration is underway. Anthem is targeting construction to begin in the summer of 2018.
For more information and to register, visit wynwoodgreen.ca