Doulton Arms Apartments
7265 Arcola Street

SOLD

Doulton Arms Apartments, located at 7265 Arcola Street in the Highgate neighbourhood of Burnaby, BC. The building has recently had over $650,000 invested in capital improvements including high-quality, complete renovations to nineteen (19) out of forty-eight (48) units which has resulted in 40% to 55% rental revenue increases and proving the future yield growth potential as other tenants turnover. The secure cash flow value with proven growth, the large 31,000 sf corner lot, and the proximity to grocery anchored retail in a rapidly growing urban location combine to make this a rare and strategic investment opportunity.

Investment Highlights

• Extensive capital improvements recently completed
• Secure cash flow with proven value-add and revenue upside opportunity
• Proximity to grocery anchored retail (walk score is 83/100)
• Surrounding neighbourhood is seeing extensive development and growth
• Over 31,000 sf corner lot with potential for upzoning in the future
• Meticulously maintained by professional property management and 100% occupied by high-quality tenants

Property Improvements

• Exterior refurbishment and painting (2017)
• Energy efficient lighting throughout building common areas and suites (2017)
• Common area upgrades include new flooring, paint, and lighting (2017)
• Upgraded intercom (2017)
• New landscaping (2017)
• Parkade upgrade including new insulation and lighting (2017)
• New roof (2015)
• Elevator upgraded and modernized (2009)
• Building completely repiped (2001)

Location

• Highgate Village Shopping Centre is two blocks from the subject property. Completed in 2004 this is a 140,000 square foot grocery anchored retail shopping centre.
• Central to amenities and recreation, the Property is within walking distance to the Byrne Creek Ravine Park, the Tommy Douglas Public Library, the Edmonds Community Centre, and Edmonds Park.
• Metropolis shopping centre at Metrotown is an 18 minute bus ride.
• Edmonds Skytrain Station is a 15 minute walk from the Property. Downtown Vancouver is a further 25 minute ride from this Station.