Property Overview

  • Status
    Available
  • Address
    The Claymore
    5374 203 Street
    Langley, BC
    Canada
  • Neighbourhood
    Langley City
  • # of Units
    54
  • # of Storeys
    3
  • Year Built
    1991
  • PID
    Strata-Titled
  • Lot Size
    68,760 SQFT
  • Lot Size
    2 Acres
  • Zoning
    RM2
  • Price
    Please Contact Listing Agents
  • Building Type
    WoodFrame
  • Confidentiality Agreement
  • The Offering

    Cushman & Wakefi eld ULC (“Cushman & Wakefield” or “C&W”) 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 5374 203 Street, Langley City, BC (the “Property”). Commonly known as The Claymore, the Property is a 54-suite strata-titled rental apartment building situated on 1.57 acres of land slated for residential development.

    The Property is currently improved with a three-storey wood-frame strata building constructed in 1991 atop one level of underground secured parking. The Claymore has virtually no deferred repair and maintenance due to the institutional ownership which has employed a diligent management and thorough capital expenditure program. The Claymore features approximately 40,266 of net rentable area with an average suite size of approximately 745 square feet. The 54 suites at the Property are comprised of 30 one-bedroom units and 24 two-bedroom units.

    Although the Property falls under RM2 zoning, the City of Langley’s OCP allots the Property for Mid Rise Residential development, allowing a maximum density of 3.5 FAR and a maximum height of 12 storeys. Since the Property is strata-titled, no rental replacement is required, resulting in over 240,000 square feet of buildable area which can be entirely market condo.

    The Property is centrally positioned in the City of Langley on the corner of 203 Street and 53 Avenue. Only a 9-minute walk from the 203 Street station of the future Surrey-Langley SkyTrain which is expected to be operational in 2028. Acting as both the terminus station and a main transit exchange, the 203 Street station will connect Langley City and the surrounding Fraser Valley with Metro Vancouver and the downtown core.

     

    Investment Highlights

    • 1.57 acre corner lot market condo development site permitting a maximum density of 3.5 FAR and up to 12 storeys in height
    • 9-minute walk to the 203 Street station of the Surrey Langley SkyTrain, positioning the property to benefit from increased housing demand and economic growth in the region
    • Unique opportunity to acquire a prime 100% market condo development site with attractive in-place income
    • Developers will have the option to build their preference of either wood-frame or concrete
    • Rigorous institutional property management standards combined with consistent capital expenditures by the Vendor has resulted in a building with no deferred repair & maintenance
    • Attractive assumable financing at an interest rate of 2.53%, well below interest rates in today’s capital markets
    • Surging rental rates in the region allow for sharp increases in rental revenue upon tenant turnover and re-leasing units at market rents

     

    For more information, please contact a member of the exclusive property advisors

    David Venance
    Executive Vice President

    David Venance

    Chris Harper
    Senior Associate

    Chris Harper

    Patrick Hannah
    Associate

    Patrick Hannah

    Property Location