
The buildup on Dougall Road in Rutland from a single-family neighbourhood to a more densified area will continue following the sale of a block of properties earlier this week.
Jeff Hancock with William Wright Commercial says the sale was completed on a four-lot assembly at 495 Dougall Road.
The properties were sold to Troika Developments for $4.5 million.
“The 0.79-acre site located in the heart of Rutland will add to our client's impressive multi-family pipeline and continue to enhance this area of the city with high quality multi-family buildings,” Hancock stated in a news release.
“While land development transactions have been challenging this past year, it was great to see a willing seller and buyer come together on one of the few land development transactions in Kelowna this year.”
The site is expected to be developed as a purpose-built rental development similar to about a half dozen projects within the area that have either been built, are under construction or in the city’s pipeline.
James Blair with Marcus and Millichap represented the seller in the deal.