Brookside Gardens
20834 Dewdney Trunk Road

The Offering 

Cushman & Wakefield ULC is pleased to present to the market on an exclusive basis on behalf of Canadian Apartment Properties REIT (the “Vendor”), a 100% freehold interest in 20834 Dewdney Trunk Road, Maple Ridge, BC (the “Property”). Commonly known as Brookside Gardens, the Property is a 44-suite townhome complex positioned on 3.86 acres of land.

The Property’s 44 suites are comprised of 15 3-bedroom units that contain a basement, and 29 3-bedroom units that do not contain a basement. All suites are multi-level, townhome style units. Brookside Gardens features approximately 66,539 square feet of total net rentable area, with an average suite size of roughly 1,512 square feet.

Investment Highlights

• 57% projected upside on current rents upon tenant turnover and re-leasing units at market rents
• Approximately $9,800,000 in assumable financing at 1.79% with 6 years of term remaining, allowing investors to access more leverage at a lower interest rate than possible in today’s capital markets
• Double-digit levered internal rate of return expected through assumption of attractive in-place debt and re-leasing units at market rent upon tenant turnover and suite renovation
• Massive 3.86 acre corner lot with future redevelopment potential under the Maple Ridge Official Community Plan’s Urban Residential designation
• Estimated debt service coverage ratio of 2.00x in Year 1 gives purchasers optionality for increasing leverage through obtaining a second mortgage
• Extremely rare rental product comprised of 44 three-bedroom townhomes which are highly appealing to families, co-living working professionals, and retirees
• Institutional asset quality currently managed by a reputable multifamily operator
• Exceptionally large multi-level suites averaging over 1,500 square feet with plenty of outdoor livable area

Location

Brookside Gardens is located on the corner of Dewdney Trunk Road and Rosewood Street in Maple Ridge, BC. The Property is conveniently situated along Dewdney Trunk Road, a main arterial east-west route. One block south is Lougheed Highway, an alternative route to the Trans-Canada Highway that connects Maple Ridge with the Tri-Cities, Greater Vancouver, and the entire Fraser Valley. 20834 Dewdney Trunk Road is also connected to Downtown Vancouver via the West Coast Express commuter rail service that runs Monday- Friday. The RapidBus R3 route also provides transit between Maple Ridge and Coquitlam Central Station, which is connected to Greater Vancouver via the Millenium SkyTrain line, as well as the West Coast Express.

For more information, please contact a member exclusive property advisors