Property Overview

  • Status
    Available
  • Address
    The Brighton
    5375 204 Street
    Langley, BC
    Canada
  • Neighbourhood
    Langley City
  • # of Units
    54
  • # of Storeys
    3
  • Year Built
    1978
  • PID
    017-896-347
  • Lot Size
    71,097 SQFT
  • Lot Size
    3 Acres
  • Zoning
    RM2
  • Price
    Please Contact Listing Agents
  • Building Type
    Wood-Frame
  • Confidentiality Agreement
  • The Offering

    Cushman & Wakefield 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 5375 204 Street, Langley City, BC (the “Property”) commonly known as The Brighton. The Property is a 54-suite apartment building situated on over 1.6 acres of land earmarked for higher density multifamily residential development given the proximity to the future Surrey-Langley Skytrain extension.


    The Property is currently improved with a three-storey wood-frame building built atop one level of covered parking. The Brighton has been maintained to an institutional standard with essentially no deferred repairs & maintenance. It is comprised of 30 one-bedroom units, and 24 two-bedrooms units for a total of 54 suites. The total net rentable area at the Property is approximately 40,266 square feet with an average suite size of roughly 745 square feet. 5375 204 Street is currently zoned RM2 but is designated under the City of Langley’s Official Community Plan as Mid Rise Residential. The Mid Rise Residential designation permits a maximum density of 3.5 FAR and a maximum height of 12 storeys. This equates to up to 248,839 square feet of buildable residential area which requires one-to-one replacement of the 54 rental units, and the balance of the density can be built as for-sale market strata suites.


    The Property is centrally located in the heart of Langey City on the corner of 204 Street and 54 Avenue. The location is highlighted by its proximity to the 203 Street station of the Surrey-Langley Skytrain which is expected to be operational in 2028. The 203 Street station will be a main transit exchange and the terminus station of the Skytrain line, acting as the Fraser Valley’s transit gateway to Metro Vancouver and the downtown core.

     

    Investment Highlights

    • 1.63 acre corner lot mid-rise market condo and market rental development site allowing a maximum density of 3.5 FAR and maximum height of 12 storeys
    • Only a 12-minute walk to the 203 Station of the Surrey-Langley SkyTrain, which will bring population growth and economic development to the neighbourhood and surrounding Fraser Valley
    • Highly coveted investment opportunity offering a rare combination of near-term development potential and steady holding income
    • Developers will have flexibility in built form as the site supports both wood-frame and concrete development
    • Rigorous management and consistent capital expenditures make this meticulously maintained offering a testament to the benefits of institutional ownership and operation
    • Attractive assumable financing at an interest rate of 2.53%, well below interest rates in today’s capital markets
    • Average rents at the Property are well-below market allowing for steady investment yield growth upon tenant turnover and re-leasing units at market rates

     

     

    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

    Peter Gibson
    Executive Vice President

    Peter Gibson

    Property Location