Foreclosed Project By Align Properties Near Oakridge Park Sold For $17M

A key development site near Oakridge Park in Vancouver has just been sold in a court-ordered sale for about $17 million. This land assembly covers four parcels on Baillie Street, east of West 41st Avenue and just a block from Oakridge Park. The sale was part of foreclosure proceedings against Align Properties, the developer behind the project.

Align Properties, originally known as Vivagrand Developments, had planned to build two six-storey rental apartment buildings on the site. These buildings would have contained around 120 market-rate rental units. The rezoning application for the project was approved by the city in 2022.

Foreclosure proceedings began in late November 2023 after Align Properties defaulted on a loan of approximately $5.3 million from a private lender. By mid-May, the debt had grown to nearly $6 million, including interest. A court order then gave a one-day deadline for repayment, which Align missed, allowing the lender to move forward with the sale.

Originally, the four-lot property had a combined assessed value of around $17.8 million, but it was listed for sale at $22 million. The final sale price ended up at $17 million to a buyer whose identity has not been made public. Final court approval is still required before the sale becomes official.

This is the fourth Align Properties development to end up in foreclosure over the last few years. Other projects included planned towers on Robson Street, Davie Street, and Cambie Street—each facing legal action due to unpaid debts. Now, this site near Oakridge Park adds to that list.

The situation shows the challenges many developers are facing in Vancouver today. Higher construction costs, tighter lending rules, and slower demand have made it harder to get projects off the ground. Because of that, more planned rental housing may be delayed or canceled, which could reduce new housing options in the city.