James Bay renter Darlene Haynes can relax now that her Michigan Street apartment building will remain affordable, following its purchase by the Greater Victoria Housing Society.
The non-profit society worked with the provincial government’s Rental Protection Fund, which put up about $8 million for the 44-unit 430 Michigan St. complex and about $4.6 million for a 24-unit building at 1500 Chambers St. in Fernwood.
The fund has also provided about $1.2 million in grants as part of its capital contributions for building improvements.
Both buildings have rents that are an average of 37 per cent below market rate and are close to transit services and stores.
The society has committed to retaining the existing rental rates upon unit turnover, with adjustments for inflation.
Haynes, who has lived in the Michigan Street building for 14 years, said it had been up for sale a few times, creating a lot of uncertainty for residents.
“I guess the constant [fear] is: Are we going to be evicted? Are there going to be renovictions?” she said. “That’s way up there in terms of the fears, especially for people that are low-income and have lived for here a very long time.”
https://www.timescol...urchase-9347519
The non-profit society worked with the provincial government’s Rental Protection Fund, which put up about $8 million for the 44-unit 430 Michigan St. complex and about $4.6 million for a 24-unit building at 1500 Chambers St. in Fernwood.
The fund has also provided about $1.2 million in grants as part of its capital contributions for building improvements.
So about $13.8M for 68 units.
Or:
The funding provided GVHS with $11.3 million to acquire the two properties. This purchase will ensure the preservation of 68 housing units, from studios to two-bedroom apartments. An additional $1.2 million renewal grant will ensure the units’ sustainability over time.
https://www.nanaimob...g-units-7484162
Or:
Two centrally located multi-family properties changed hands in Victoria on June 12. Hamlet House at 1500 Chambers Street and Arlington Court Apartments at 430 Michigan Street sold to the Greater Victoria Housing Society, which paid $21.2 million with assistance from the province’s Rental Protection fund. The sale price was just short of the list price of $21.3 million. Together, the properties have 68 units, for an average sale price of $311,397 a unit. Grant Evans and Ken Cloak of Colliers Multifamily Advisory Group represented the vendor while Anna Wray of Colliers represented the purchaser.
PRICE | $21,175,000
https://www.westerni...-profit-9143234
Edited by Victoria Watcher, 14 August 2024 - 05:51 AM.