Our next addy is the Maple View Heights Apartments in Mission, BC! It’s a purpose-built rental development in the booming Fraser Valley that will have 11 affordable housing units. This is our first true development.
The Plan
Complete the development of a six-storey, 105-unit, purpose-built rental apartment building on a 1.08-acre site. Own and operate the building on an income-producing basis and bring the stabilized asset to market under favourable conditions.
Why We Love This Property
- Multifamily, 105 unit, six-story rental building (with 11 affordable housing units) on a 1.08-acre development site located at View Avenue and Maple Street in Mission, British Columbia.
- The site is well-located on Highway 7 (“Lougheed Highway”) just west of downtown Mission, 64-kilometres east of the City of Vancouver and 8-kilometres north of the City of Abbotsford.
- Walking distance to the West Coast Express, a 1 hour and 15 minute train ride to Downtown Vancouver.
- The population of Mission is growing at a rate of 2.2% per annum – among the highest municipal growth rates in British Columbia.
- Mission holds one of the lowest vacancy rates in the province. The project suite mix is excellent with a heavy weighting of 1-bedroom units which turnover to market rent more frequently.
- The newest commercial area in Mission is called The Junction. This development offers a diverse mix of retail and dining amenities.
- The Fraser Valley is experiencing a record-setting housing boom – partially as a reaction to the pandemic – as people opt to move from central urban cores to suburban locations and work from home in a larger space for the same or less money.
