B.C. Housing buys Cherry Avenue apartment complex for $12.8M

KAMLOOPS — B.C. Housing has announced it is buying a Kamloops North Shore apartment building in order to secure more affordable housing.

In a news release, the province says it has purchased the 42-unit apartment block at 435 Cherry Avenue for $12.8 million.

The apartment building is currently vacant. It was heavily damaged in a January 2021 fire.

The province says the 42 units range from studios to two-bedrooms. Once renovated, they will be offered to “low- and moderate-income families, seniors, individuals, and people living with disabilities.” Tenants are expected to move in at the end of this summer.

B.C. Housing is in the process of selecting an organization to manage the facility.

According to B.C. Assessment, the most recent valuation of the property was $4.2 million.