Article updated on March 19, 2014

The recent sale of a North Vancouver concrete rental tower marks the region’s first purpose-built concrete rental building to trade hands over the last 23 years.

Parklea Apartment is, a 15-storey, 88-suite building located at 151 E. Keith Road in the Lower Lonsdale’s Victoria Park neighbourhood. It sold for $25.5 million.

Starlight Investments bought the apartment on March 3. The sale represents a price per square foot of $443, a price per unit of $289,772 and a cap rate of 3.25 per cent. The apartment has a total rentable area of 56,465 square feet.

Real estate market leader Mark Goodman assisted on the sale.

“The buyer’s rationale was that it is a very low-risk building that is well maintained and has great views from the third floor on up,” Goodman says. “It is virtually 100 per cent full.”