Listed on: Jun 15, 2026
Last Updated: Jun 15, 2026
261,310 ft²Multifamily$32,500,000Sale
261,310 ft²
Multifamily
$32,500,000
Sale
Derek Nystrom (Personal Real Estate Corporation)
Macdonald Commercial
Macdonald Commercial Real Estate Services Ltd. is pleased to present the exclusive opportunity to acquire the Kitimat Apartment Portfolio, a premier multifamily investment consisting of 263 rental units across nine apartment buildings strategically located throughout Kitimat, British Columbia. Comprising the Sandpiper Apartments, Sandalwood Apartments, and Quatsino Apartments, the portfolio provides immediate scale in a market characterized by strong economic fundamentals, limited rental supply, and sustained housing demand. The portfolio encompasses approximately 261,310 square feet of gross building area situated on 15.28 acres of multifamily-zoned land, offering a diversified mix of conventional rental housing and furnished workforce accommodation. The properties have been well maintained and benefit from ongoing capital investment programs, while also presenting meaningful opportunities for future value creation through suite modernization, revenue optimization, and strategic operational enhancements. Kitimat has emerged as one of Canada’s most significant industrial and energy investment corridors, supported by billions of dollars in committed capital from major projects including LNG Canada, Cedar LNG, Rio Tinto, and associated marine, infrastructure, and industrial developments. These long-term investments continue to generate substantial employment growth and long-term workforce demand, underpinning the need for both traditional rental housing and premium furnished accommodations. The portfolio currently offers an attractive 7.4% in-place capitalization rate, with additional upside through future lease-up, continued suite renovations, and operational optimization.
The Space
Asking Price$32,500,000
Available Space261,310 ft²
NegotiableYes
Floor3
Net Operating Income$2,403,576.00
Property UseMulti family
Cap Rate7.4%
SourceDirect
The Building - Sandpiper, Sandalwood & Quatsino Apartments
Attractive in-place yield The portfolio is offered with a compelling 7.4% in-place capitalization rate, providing investors with immediate cash flow. Scale in a supply-constrained & growing market Comprising 263 units across nine apartment buildings, the portfolio provides significant market presence and operational efficiencies within one of British Columbia’s most undersupplied rental markets. Exposure to a multi-billion dollar industrial growth corridor Kitimat continues to benefit from substantial investment in LNG, aluminum production, marine transportation, and related industrial infrastructure. These projects are expected to support long-term employment growth and sustained housing demand for years to come. Workforce housing revenue opportunity A significant portion of the portfolio consists of furnished suites positioned to serve workforce accommodation demand generated by ongoing industrial construction and operations. This provides ownership with the opportunity to capture premium rental rates while maintaining flexibility across tenant categories. Meaningful value-add potential Future revenue growth may be achieved through continued suite renovations, strategic repositioning initiatives, operational efficiencies, and rental rate optimization, creating opportunities to enhance overall asset performance. Strong underlying land value The portfolio is situated on approximately 15.28 acres of multifamily-zoned land across three separate sites, providing long-term intrinsic land value and potential future redevelopment or densification opportunities.
Property TypeMultifamily
Floors3
Building Size261,310 ft²
Lot Size15.28 AC
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