An exceptional opportunity to acquire 5 brand-new purpose-built rental apartment buildings comprising of 318 residential suites across 4 prominent ...
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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
40 MINS
1 HR
& growing regions.
Parksville
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.
2H
OU
RS 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.
S
IN
M
4114 Crosland Place &
35 PORTFOLIO LOCATION
HR
Duncan 1 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. Vancouver Island
• Strategically located storage units on each floor;
Regional Library
• Stylish granite countertops in the kitchens
and bathrooms;
NANAIMO DEMOGRAPHICS
• Stainless steel appliances (fridge, glass cooktop,
hood fan, and dishwasher); AY
% H W
• High-gloss finish cabinetry in a light or dark G
theme; HI
ND
• In-suite stackable washer & dryer MEDIAN ESTIMATED POP. CHANGE
LA
• Rich laminate flooring in kitchen & living areas;
AGE POPULATION (2019) (2014 -2019) IS
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 % UPL
AND
boasting beautiful ocean views; HOUSEHOLD CMHC VACANCY AVERAGE RENT S DR
INCOME (2019) RATE (2019) (2019) Quality Foods IVE
• Pet-friendly building allowing 2 pets per suite;
$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 of Nanaimo
Total Suites 64
and Victoria.
AVERAGE RENT PER SF In 2019, Duncan was one of 3 Vancouver Island municipalities that
$1.77/SF made the list of B.C.’s fastest growing municipalities, which saw an
annual population increase of 3.7%. Additionally, with growing demand
AVERAGE SUITE SIZE and more housing development being contemplated, the area will
740 SF also become home to a brand-new hospital slated for completion in
2024 which will be located just a few short blocks from the Magdalena
NET RENTABLE AREA Apartments.
47,370 SF
*approximate & subject to verification
TRANSPORTATION & LOCAL AMENITIES
PARKING The Magdalena is located just a 28 minute drive from
29 underground & 50 surface Nanaimo Airport (YCD), and just over an hour away from
Victoria International Airport (YYJ).
NET OPERATING INCOME
$766,617 Departure Bay Ferry Terminal in Nanaimo can be reached
by car in approximately 45 minutes, connecting Vancouver
Island to Metro Vancouver in just 1 hour & 40 minutes.
BUILDING & SUITE FEATURES
• Secured underground parking with 4 electrical Nearby amenities include: Walmart, Bulk Barn, Home Depot,
vehicle charging stations & motorcycle parking; Canadian Tire, Best Buy, and a number of restaurants and
coffee shops. ISLA
• Equipped with an elevator; ND H
IGHW
• 16 Bicycle storage spaces available; WALMART AY
• Stylish granite counter tops in the kitchens DUNCAN DEMOGRAPHICS
and bathrooms;
%
• Sleek black appliances (fridge, range, hood fan,
and dishwasher);
• High-gloss finish white cabinetry
MEDIAN ESTIMATED POP. CHANGE
• In-suite stackable washer & dryer AGE (2014 -2019)
POPULATION (2019)
• Rich laminate flooring in kitchen & living areas; 48.3 4.4%
45,880
• Luxury vinyl flooring in the bathroom & laundry;
• Spacious open concept floor plans;
• All suites feature a balcony or patio, some
boasting beautiful mountain views;
%
• Pet-friendly building allowing 2 pets per suite; HOUSEHOLD CMHC VACANCY AVERAGE RENT
INCOME (2019) RATE (2019) (2019)
$87,960 0.9% $895
*Source: CBRE Research via Sitewise
THE SANDSCAPES BUILDING DETAILS
APARTMENTS
Scheduled for occupancy in November 2020, the Sandscapes
ADDRESS Apartments is Located in the quaint oceanside town of Parksville. This
155 Moilliet Street, Parksville, BC contemporary 4-storey 74-suite rental apartment building provides
direct access to both Highway 19 and 19a and is just a stone’s throw
PID from the beach and Parksville’s town center.
009-768-904
EXPECTED COMPLETION LOCATION HIGHLIGHTS
October 2020 The City of Parksville is one of the fastest growing areas on Vancouver
SITE AREA Island, with an active and diverse community of retirees, urban
professionals, and young families. Boasting some of the largest sandy
65,229 SF*
*approximate & subject to verification beaches, Parksville is a vibrant destination enjoyed by tourists and
locals year-round.
SUITE MIX
In recent years, the area has expanded in an effort to enhance the local
Bachelor 18 business climate. Some of these investments include: the Parksville
One-bed 19 Conference and Community Centre, a 41,000 SF development that is
One-bed + Den 12 the town centre for civic community & educational uses; The Qualicum
Two-Bed 24 Beach Digital Media Studio. a co-working space for the digital workforce
to collaborate, connect & grow technology from idea to market, in
Two-Bed + Den 1
addition to a rapidly expanding industrial park and increasing housing
Total Suites 74 development initiatives.
Currently Under Construction
Additionally, the 2015 Parksville Economic Development Strategy has
AVERAGE RENT PER SF
identified opportunities for future economic growth, some of which
$1.98/SF
include: high tech businesses, light industrial development, retail &
service commercial development, Downtown Parksville development,
AVERAGE SUITE SIZE
retirement living, tourism recreation, and health & wellness.
771 SF
NET RENTABLE AREA
57,046 SF TRANSPORTATION & LOCAL AMENITIES
*approximate & subject to verification The Sandscapes Apartments is located just a 20 minute
drive from Nanaimo Airport (YCD), and just 15 minutes from
PARKING
Nanaimo Harbour Air (Seaplane). *These two photos are from a different WestUrban building and are meant to represent what the suite finishes will look like upon completion.
16 underground stalls & 56 surface stalls
Departure Bay Ferry Terminal in Nanaimo can be reached
STABILIZED NET OPERATING INCOME by car in approximately 32 minutes, connecting Vancouver
$1,025,407 Island to Metro Vancouver in just 1 hour & 40 minutes.
Nearby amenities include: local restaurants, fashion boutiques
BUILDING & SUITE FEATURES & grocery stores, and financial institutions including BMO,
• Secured underground parking; RBC, and CIBC, The property is also just steps from the beach
• Equipped with an elevator; and is well located among a number of hotels & resorts.
• Strategically located storage units on each floor;
• Stylish granite counter tops in the kitchens Paradise Mini Golf
and bathrooms; & Fun Park
PARKSVILLE DEMOGRAPHICS ISLAND HIGHWAY
• 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)
• Rich laminate flooring in kitchen & living areas;
62.8 29,866 6.1%
• Luxury vinyl flooring in the bathroom & laundry
room The Sandscapes Townhomes
• Spacious open floor plans, with select floor plans
offering vaulted ceilings; %
• All suites feature a balcony or patio, some HOUSEHOLD CMHC VACANCY AVERAGE RENT
boasting beautiful ocean views; INCOME (2019) RATE (2019) (2019)
• Pet-friendly building allowing 2 pets per suite.A $93,357 0.5% $930
pet-washing station is also available;
*Source: CBRE Research via Sitewise
THE WATERMARK BUILDING DETAILS
Completed in early 2020, the Watermark is a 4-storey 51-suite rental
ADDRESS apartment building well-located in Campbell River’s highly desirable
2036 South Island Highway, Campbell River, BC Willow Point neighbourhood that includes 4,122 sq. ft. of fully leased
ground floor commercial space. Located directly across the street from
PID
the ocean, the Property boasts amazing ocean views and is situated
000-063-436 within walking distance to a number of tenant-friendly amenities
including grocery store, liquor store and a number of boutique
YEAR BUILT
businesses. Tenants of the Watermark also enjoy the beautiful Frank
2020
James Park across the street and the well-known Seawalk trail which
OCCUPANCY follows the coastline for several kilometers to downtown Campbell River.
100%
SITE AREA
LOCATION HIGHLIGHTS
39,204 SF* Centrally located on the scenic eastern shoreline of Vancouver Island,
*approximate & subject to verification Campbell River has become one of the most desirable and affordable
communities on Vancouver Island. With a population of just over
COMMERCIAL SPACE
39,000 people, Campbell River is the second largest city on Vancouver
4,122 SF* Fully Leased to WestUrban Developments Ltd.
Island outside of Metro Victoria and is considered the urban service
SUITE MIX centre and hub community for approximately 60,000 who live and/
Bachelor 5 or work in the region. Having experienced a 5.9% population increase
between 2014-2019, more young professionals have moved to the
One-bed 21
area due to its growing tech and creative sectors and its balanced
Two-Bed 25 lifestyle advantages.
Total Suites 51
Campbell River’s economy was originally established by resource-
AVERAGE RENT PER SF based industries, specifically mining, fishing and logging. While these
$1.93/SF sectors are still strong economic drivers, Tourism, technology and
creative-based businesses have begun to play a large role in driving
AVERAGE SUITE SIZE economic activity. Entrepreneurs and businesses enjoy access to
834 SF CRadvantage, the city-owned broadband network which provides
enterprise-level internet. As the first city on Vancouver Island to offer a
NET RENTABLE AREA municipally owned, open-access network of this kind, Campbell River is
42,557 SF now positioned as one of the key tech communities in Canada.
*approximate & subject to verification
WestUrban’s Watermark development in Campbell River, which was *These two photos are from a different WestUrban building and are meant to represent what the suite finishes will look like upon completion.
PARKING completed January 2020, was well received and leased up quickly
51 underground (res.) & 32 surface stalls (comm.) reaching 100% occupancy in just 1 month. There is currently an
82-person waitlist of renters keen to move into either the Watermark
NET OPERATING INCOME or Southpoint buildings. With this strong demand, lease up for the
$832,584 Southpoint property is also expected to go quickly.
BUILDING & SUITE FEATURES TRANSPORTATION & LOCAL AMENITIES Discovery Foods
• Secured underground parking;
The Subject Property is is located just a 9 minute drive from
• Equipped with an elevator; SoCal Restaurant
Campbell River Airport (YBL), and approx. 40 minutes from
• Strategically located storage units on each floor; Comox Valley Airport (YQQ).
• Stylish granite counter tops in the kitchens
Both Departure Bay and Duke Point Ferry Terminals in
and bathrooms; Club Fitness
Nanaimo can be reached by car in approximately 1 hour 45
• Stainless steel appliances (fridge, glass cooktop, minutes from Campbell River, Continued on the next page
hood fan, and dishwasher);
HWAY
• High-gloss finish cabinetry in a light or dark ISLAND HIG
theme; CAMPBELL RIVER DEMOGRAPHICS
• In-suite stackable washer & dryer
• Rich laminate flooring in kitchen & living areas;
• Luxury vinyl flooring in bathrooms & laundry room;
• Spacious open concept floor plans,
%
MEDIAN ESTIMATED POP. CHANGE
• All suites feature a balcony or patio, some AGE POPULATION (2019) (2014 -2019)
boasting beautiful ocean views;
48.0 39,198 5.9%
• Pet-friendly building allowing 2 pets per suite;
THE SOUTHPOINT BUILDING DETAILS
ADDRESS Scheduled for occupancy November 2020, the Southpoint is a
2338 South Island Highway, Campbell River, BC 5-storey 70-suite rental apartment building well-located in Campbell
Rivers highly desirable Willow Point neighbourhood. Located directly
PID across the street from the ocean, the Property boasts amazing ocean
006-004-750 views from the majority of the suites. The Southpoint Apartments
is situated within walking distance to a number of tenant-friendly
EXPECTED COMPLETION amenities including grocery store, liquor store and a number of
October 2020 boutique businesses, some of which are just across the street.
Tenants of the Southpoint Apartments also enjoy access to the
SITE AREA beautiful oceanfront Frank James Park and the well-known Seawalk
52,741 SF trail which follows the coastline for several kilometers to downtown
*approximate & subject to verification Campbell River.
SUITE MIX
LOCATION HIGHLIGHTS CONTINUED
Bachelor 11
One-bed 21 With affordable housing being a major concern to those who live and
Two-bed 29 work in British Columbia’s urban centers, Campbell River has earned
itself the reputation of being an affordable seaside community, with
Three-bed 9
approximately 78% of its population spending less than 30% of
Total Suites 70 their income on housing. The Average sale price for a single-family
home is approximately $508,200, and approximately $341,400 for
AVERAGE RENT PER SF a townhouse. Over half of recent home buyers in Campbell River are Currently Under Construction
$2.13/SF new to the community, many enjoying the attractiveness of the area
and the affordability.
AVERAGE SUITE SIZE
805 SF The residential market in Campbell River shows steady growth and
gradual increases in pricing, including the condo and townhouse
NET RENTABLE AREA markets, with new builds across the community consistently adding
56,354 SF to the housing inventory. In Q1 2020 alone, there were approximately
*approximate & subject to verification 191 housing starts, 276 are currently under construction (218 of
which are apartment units), and 115 housing completions which
PARKING includes a combination of single-family homes, semi-detached, row
36 underground stalls & 55 surface stalls homes, and apartment units. *These two photos are from a different WestUrban building and are meant to represent what the suite finishes will look like upon completion.
STABILIZED NET OPERATING INCOME Source: CMHC Starts & Completions Survey.
$1,108,524
TRANSPORTATION & LOCAL AMENITIES
BUILDING & SUITE FEATURES Nearby amenities include: Discovery Foods Grocery, Panago
• Secured underground parking; Pizza, local restaurants, cafes, services, a fitness center, and
• Equipped with an elevator; the Campbell River Sportsplex.
• Amenities include a shared outdoor patio space Both properties are just a 9 minute drive from the North
& a fully equipped gym on the first floor; Island Hospital, a state-of-the-art facility built in 2017 which
offers an array of health services. Discovery Foods
• Sophisticated quartz counter tops in the
SoCal Restaurant Grocery
kitchens and bathrooms;
• Stainless steel appliances (fridge, range, hood
fan, and dishwasher); CAMPBELL RIVER DEMOGRAPHICS
• High-gloss finish cabinetry
%
• In-suite stackable washer & dryer
• Rich laminate flooring in kitchen & living areas;
• Luxury vinyl flooring in bathrooms & laundry room; HOUSEHOLD CMHC VACANCY AVERAGE RENT
• Spacious open concept floor plans; INCOME (2019) RATE (2019) (2019)
• All suites feature a balcony or patio, some $93,490 0.4% $1,013
boasting beautiful ocean views;
*Source: CBRE Research via Sitewise
• Suites feature air conditioning;
• Pet-friendly building allowing 2 pets per suite. A
pet-washing station is also available;
WESTURBAN DEVELOPMENTS LTD. VANCOUVER ISLAND PORTFOLIO:
THE OFFERING PROCESS INDIVIDUAL PROPERTY OVERVIEW
Investors with further interest will be provided with a Confidentiality Agreement by CBRE. Upon executing a Confidentiality
Agreement, Investors will be provided with a Confidential Offering Memorandum (the “COM”) and access to a Dataroom prepared ARBUTUS MAGDALENA SANDSCAPES WATERMARK SOUTHPOINT
by CBRE based upon more detailed information related to the various locational, physical and financial characteristics of the APARTMENTS PORTFOLIO
Properties to aid an Investor in determining whether or not it will proceed with further investigations of the Portfolio or any of the 5085 Uplands Dr 4114 Crosland Pl 155 Moilliet St 2036 S Island Hwy 2338 S Island Hwy TOTAL
properties individually. Nanaimo, BC Duncan, BC Parksville, BC Campbell River, BC Campbell River, BC
CBRE Limited will present offers to the Vendor as they are received after an initial marketing period. Prospective purchasers Targeted Targeted
100% 100% 100%
are invited to submit offers to CBRE in the form of a Letter of Intent (LOI) on our standard form of LOI which will be provided to STATUS Completion: Completion:
Occupancy Occupancy Occupancy
prospective purchasers by CBRE. Offers will be considered in the following ways: Nov. 2020 Oct. 2020
Units 59 64 74 51 70 318
1. Portfolio Offer: Offer for the 5 property Portfolio, with pricing provided for each individual property.
2. Sub-Portfolio Offer: Offer for 2-4 of the properties, with pricing provided for each individual property. Avg. Unit Size 737 SF 740 SF 771 SF 834 SF 805 SF 776 SF
3. Individual Asset Offer: Offer for one property within the Portfolio.
Net Rentable Area
43,505 SF 47,370 SF 57,046 SF 42,557 SF 56,354 SF 246,832 SF
(Residential)
Net Rentable Area
0 SF 0 SF 0 SF 4,122 SF 0 SF 4,122 SF
(Commercial)
Achieved/Projected
$2.16 $1.77 $1.98 $1.93 $2.13 $2.00
Blended Rental Rate ($/SF)
Unit Mix
Studio 3 0 18 5 11 37
1-bed 29 34 19 21 21 124
1-bed + den 3 0 12 0 0 15
2-bed 24 30 24 25 29 132
2-bed + den 0 0 1 0 0 1
3-bed 0 0 0 0 9 9
CMHC 1st CMHC 1st
Financing - CMHC 1st Mortgage - -
Mortgage Mortgage
Mortgage Balance*
$14,027,634* $11,791,650* - $12,931,230* - -
(Approx. as of July 2020)
Stabilized NOI $856,860 $766,617 $1,025,407 $832,584 $1,108,524 $4,589,991
List Price $18,350,000 $17,000,000 $20,350,000 $17,350,000 $21,850,000 $94,900,000
List Price (/door) $311,017 $265,625 $275,000 $316,684 $312,143 $298,428
Cap Rate
4.67% 4.51% 5.04% 4.80% 5.07% 4.84%
(Based on Stabilized NOI)
*CMHC mortgages to be assumed.
WESTURBAN DEVELOPMENTS LTD. VANCOUVER ISLAND PORTFOLIO:
PORTFOLIO SUMMARY
STABILIZED PORTFOLIO NOI $4,589,991
LIST PRICE $94,900,000
LIST PRICE ($/DOOR) $298,428
APPROX. CAP RATE (ENTIRE PORTFOLIO) 4.84%
5085 Uplands Drive, Nanaimo, BC 4114 Crosland Place, Duncan, BC
155 Moilliet Street, Parksville, BC
BRITISH
COLUMBIA
2036 S Island Highway, Campbell River, BC 2338 S Island Highway, Campbell River, BC
LANCE COULSON GREG AMBROSE KEVIN MURRAY
Personal Real Estate Corporation NATIONAL APARTMENT GROUP
Senior Sales Associate Senior Sales Associate
Executive Vice President BRITISH COLUMBIA
National Apartment Group - BC National Apartment Group - BC
National Apartment Group - BC
CBRE Limited, Capital Markets CBRE Limited, Capital Markets CBRE Limited, Capital Markets
lance.coulson@cbre.com greg.ambrose@cbre.com kevin.murray4@cbre.com LOCAL KNOWLEDGE. GLOBALLY CONNECTED.
604 662 5141 604 662 5178 604 662 5171 Follow us on social media:
CBRE Limited | 1021 West Hastings Street | Suite 2500 | Vancouver, BC, V6E 0C3 | nationalapartmentgroupbc.ca
This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections,
images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does
not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the
Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE
and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Mapping Sources: Canadian
Mapping Services canadamapping@cbre.com; DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth. Images: Southgranville.org
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