An Exceptional Opportunity to Acquire 5 Brand-New Purpose-Built Rental
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BRITISH COLUMBIA An exceptional opportunity to acquire 5 brand-new purpose-built rental apartment buildings comprising of 318 residential suites across 4 prominent coastal communities on Vancouver Island NATIONALAPARTMENTGROUPBC.CA WESTURBAN.CA THE OPPORTUNITY 2036 S Island Highway On behalf of the Vendor, WestUrban Developments Ltd., the CBRE National Apartment Group – BC is pleased to present the opportunity to acquire 100% interest in the Vancouver Island Apartment Portfolio, a premier, multi-family rental apartment portfolio comprised of 5 new purpose-built rental buildings strategically located in the 4 prominent coastal communities of Duncan, Nanaimo, Parksville and Campbell River on Vancouver Island. With a total of 318 suites and 4,122 SF of commercial space, this is a truly unique opportunity to invest in Canada’s most stable asset class and achieve immediate scale and operational efficiencies in the Vancouver Island Rental Housing Market. Two of the properties were completed in the second half of 2019 and one in early 2020 and are currently 100% occupied, all with assumable high-levered CMHC-insured debt in-place. Two of the buildings are still Campbell under construction and are scheduled for occupancy November 2020 providing investors time to source 2338 S Island Highway River debt and providing flexibility should an investor wish to take over lease up or allow WestUrban’s property management division to manage lease up. Each building has been completed to condo-quality standards and represents a premiere rental product in 155 Moilliet Street rapidly growing regions. The buildings are strategically located in their respective municipalities and are in excellent proximity to a host of tenant friendly amenities, many within walking distance of the properties. This offering provides an unprecedented opportunity to acquire brand new, best-in-class purpose-built Rental buildings in some of Vancouver Island’s fastest growing regions. INVESTMENT HIGHLIGHTS Desirable Scale: WestUrban’s Vancouver Island Apartment Portfolio comprised of 318 units represents 5085 Uplands Drive a singular opportunity for an Investor to acquire immediate scale in the Vancouver Island rental housing market. Operational Efficiencies: The 5 building’s proximity to one another provide investors the opportunity to take advantage of operational and management efficiencies. Investment Diversification: With 5 buildings located in 4 municipalities, the offering provides an excellent opportunity for investors to diversify their investment across some of Vancouver Island’s fastest growing regions. Parksville 1 HR & 40 MINS Best-in-Class: Built by an experienced developer and finished to condo-quality standards, the offering Nanaimo provides investors an opportunity to acquire premium rental buildings that are extremely well-located and with minimal competition in their respective municipalities. 2 HOURS Positive Market Fundamentals: Vancouver Island supports positive market fundamentals for rental housing with economic diversity and positive population growth compressing vacancy rates across its regional districts. 4114 Crosland Place PORTFOLIO LOCATION Duncan 1 HR & 35 MINS Vancouver Island combines the natural beauty of both mountain and marine settings and offers an inviting blend of rural and urban opportunities across numerous coastal communities, many of which offer the welcoming small-town vibe while still benefiting from big city amenities. The properties are situated along the eastern coast of Vancouver Island in the coastal communities of Campbell River, Parksville, Nanaimo and Duncan, British Columbia and provide convenient access to the Capital City Victoria as well as Metro Vancouver via Ferry or air. Vancouver Island has a population of over 870,000 people (2019), is home to 5 of the fastest growing cities in the province (2019) and has a diverse economy of Tourism, Agriculture, Aquaculture, Forestry, Manufacturing, High Tech and Education. ABOUT THE DEVELOPER WestUrban is an established commercial developer with over 20 years of experience specializing in condo quality purpose-built rental projects throughout British Columbia. WestUrban is led by a team of professionals with experience building over 7,000 apartment units, large scale commercial developments and over 500 single family homes across Western Canada. WestUrban’s commitment to quality, attention to detail, site selection and proactive management are reflected in the quality of the rental Assets they build benefiting an incoming purchaser. THE ARBUTUS BUILDING DETAILS Completed in 2019, The Arbutus Apartments is a 5-storey 59-suite ADDRESS rental apartment building with a stunning contemporary west coast 5085 Uplands Drive, Nanaimo, BC vibe, featuring modern and bright spacious suites and boasting great views from many of the top floor suites. Located in desirable north PID Nanaimo, the Arbutus Apartments offers tenants excellent proximity 026-410-443 to Woodgrove Centre and a host of tenant-friendly amenities, many of which are within walking distance. YEAR BUILT 2019 LOCATION HIGHLIGHTS OCCUPANCY Centrally located on Vancouver Island, The City of Nanaimo is quickly 100% becoming one of Canada’s most dynamic and diverse communities and has recently become the regional service center for both the central SITE AREA and northern regions of Vancouver Island. Nanaimo is the fifth fastest 39,640 SF* growing urban centre in British Columbia and is the second largest *approximate & subject to verification urban centre with approximately 61% of the island population residing in Nanaimo. Furthermore, Nanaimo businesses service approximately SUITE MIX 392,000 in the immediate region. Bachelor 3 One-bed 29 Nanaimo is home to Vancouver Island University (VIU), located less than One-bed + Den 3 15 minutes from the Arbutus Apartments, which has experienced rapid Two-bed 24 growth in the last few years and recently invested (2019) $60 Million Total Suites 59 in three major infrastructure projects which is expected to attract new jobs to the area and increased the capacity for students. AVERAGE RENT PER SF The federal government has announced it will commit $46.2 Million $2.16/SF towards the $90 Million expansion to the Port of Nanaimo’s Duke Point terminal which will improve access to key global markets and promote AVERAGE SUITE SIZE long term prosperity in the region. 737 SF NET RENTABLE AREA TRANSPORTATION & LOCAL AMENITIES 43,505 SF SF *approximate & subject to verification The Arbutus is located just a 20 minute drive from Nanaimo Airport (YCD), and only 15 minutes from Nanaimo Harbour Air PARKING (Seaplane). 53 underground & 10 surface Departure Bay Ferry Terminal in Nanaimo can be reached by NET OPERATING INCOME car in just 12 minutes, connecting Vancouver Island to Metro $856,860 Vancouver in just 1 hour & 40 minutes. Nearby amenities include: Quality Food Grocery, Cactus Club Cafe, local shops & services, Superstore, Costco, and BUILDING & SUITE FEATURES Woodgrove Shopping Centre (Vancouver Islands Largest Mall). • Secured underground parking; Vancouver Island University is just a 15 minute drive or 30 Woodgrove Shopping Centre • Equipped with an elevator; 150+ Shops & Services minute bus ride from the Arbutus. • Strategically located storage units on each floor; Vancouver Island Regional Library • Stylish granite countertops in the kitchens and bathrooms; NANAIMO DEMOGRAPHICS • Stainless steel appliances (fridge, glass cooktop, hood fan, and dishwasher); • High-gloss finish cabinetry in a light or dark theme; % • In-suite stackable washer & dryer MEDIAN ESTIMATED POP. CHANGE AGE POPULATION (2019) (2014 -2019) ISLAND HIGHWAY • Rich laminate flooring in kitchen & living areas; 45.6 110,247 6.0% • Luxury vinyl flooring in bathrooms & laundry room; • Spacious open floor plans, with select floor plans offering vaulted ceilings; • All suites feature a balcony or patio, some % UPLANDS DRIVE boasting beautiful ocean views; HOUSEHOLD CMHC VACANCY AVERAGE RENT Quality Foods • Pet-friendly building allowing 2 pets per suite; INCOME (2019) RATE (2019) (2019) $90,461 1.9% $1,042 *Source: CBRE Research via Sitewise THE MAGDALENA BUILDING DETAILS Completed in 2019, The Magdalena is a 5-storey 64-suite rental ADDRESS apartment building located in Duncan, BC. The Property boasts a 4114 Crosland Place, Duncan, BC modern aesthetic with amazing views from many of the upper level (Formerly 6387 Green Road) suites. Located across from the Cowichan Commons, tenants are PID walking distance from a host of amenities including Walmart, Best 009-768-904 Buy, Canadian Tire and Home Depot. Furthermore, tenants of the Magdalena have direct access to the multi-use Friendship Trail right YEAR BUILT outside their doorstep which quickly connects to Downtown Duncan. 2019 LOCATION HIGHLIGHTS OCCUPANCY Duncan is situated in the heart of the Cowichan Valley, Canada’s only 100% maritime Mediterranean climate zone with the warmest year-round SITE AREA temperatures in the country. The Cowichan Valley is surrounded by 68,389 SF* beautiful mountain ranges and some of the best agricultural land on *approximate & subject to verification the west coast, which has attracted hobby farmers and many organic crop growers. The area offers no shortage of wineries and local eateries SUITE MIX to appease locals and tourists alike. One-bed 34 Duncan is Cowichan Valley’s largest community and is known as the Two-bed 30 “City of Totems.” Duncan is well located on Vancouver Island, located roughly halfway between the Island’s major municipalities