[vc_row][vc_column][vc_single_image image="5671" img_size="full"][/vc_column][/vc_row][vc_row][vc_column width="1/3"][vc_text_separator title="Summary" el_id="offering"][vc_column_text el_id="property_grid" css=".vc_custom_1727292646145{margin-bottom: 0px !important;}"] CIVIC ADDRESS 380 & 400 Third Street, Nanaimo, BC V9R 1W6 LEGAL DESCRIPTION LOT B & C, SECTION 33, RANGE 7, SECTION 1, NANAIMO DISTRICT, PLAN 49379 PIDS 015-068-366; 015-068-382 SITE SIZE 1.35 Acres (approximately) YEAR BUILT 1989 ZONING R6 - Townhouse Residential CURRENT OCCUPANCY 100% SUITE MIX *One unit currently being utilized as a managers office Studio                              66* 1 Bed                                  4 Total                                 70 AVG IN-PLACE RENT $1,110 | 18+% Rental Upside PARKING 42 Stalls (Surface) STABILIZED NOI $681,106 BARE TRUST Yes FINANCING Assume Clear Title LIST PRICE $12,980,000 / 5.30% Cap Rate [/vc_column_text][vc_column_text css_animation="fadeInLeft" css=".vc_custom_1576884122022{margin-bottom: 0px !important;padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;background-color: #000000 !important;}"] Schedule A Phone Consultation [/vc_column_text][vc_column_text css_animation="fadeInUp" css=".vc_custom_1727292836958{padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;background-color: #bfd857 !important;}" el_class="brochure"]           Download Brochure[/vc_column_text][/vc_column][vc_column width="2/3"][vc_text_separator title="The Opportunity" title_align="separator_align_left"][vc_column_text]The CBRE National Apartment Group-BC is pleased to present the exclusive opportunity to acquire the 100% interest in the Trinity Apartments, a 70-suite rental apartment complex prominently located on Third Street in Nanaimo within walking distance to Vancouver Island University and a host of tenant friendly shops, services and amenities including the Nanaimo Ice Centre, Aquatic Centre and Nanaimo’s historic Old City Quarters. The Trinity Apartments complex is comprised of two three-storey buildings situated on a large 1.35-acre site. The “California” style building design offers large studio style suites with individual entrances that appeal to a wide range of tenants that enjoy having their own front door including students attending the nearby Vancouver Island University. This building design offers a low maintenance and cost-effective alternative to traditional buildings as there are no common area hallways and lobbies to heat, maintain or clean. The Trinity Apartments has undergone a significant transformation under the current ownership with almost all of the suites being fully renovated, new exterior paint (2019) and new on-demand hot water system (2018). One of the units has been converted into an onsite managers office with a modern security system including 39 security cameras positioned around the property. Many of the large studios lend themselves nicely to a conversion opportunity to create junior 1-bedroom suites and the current owner has already completed the conversion of a couple of suites. The studio style suites command market leading price per foot rents and provide good turnover, ensuring rents keep up with inflation. Overall, a new owner stands to benefit from the acquisition of a well-capitalized asset with recurring cashflow, income growth and limited capital expenditure requirements going forward as well as a balanced roster of demand drivers that ensures the Trinity Apartments will remain a sought-after rental complex for years to come.[/vc_column_text][vc_text_separator title="Investment Highlights" title_align="separator_align_left"][vc_column_text]+ UNIQUE SCALE: With 70 suites, the Trinity Apartments offers unique scale providing for management efficiencies in a market characterized by smaller buildings. + LOW MAINTENANCE BUILDING DESIGN: The “California” architectural design provides a low maintenance and cost-effective alternative to traditional buildings as there are no common area hallways and lobbies to heat, maintain and clean. + TENANT PAID HEAT: Electric heat metered to and paid for by the tenants significantly reducing owner operating expenses. + SUITE MIX & CONVERSION POTENTIAL: Larger than average studio suites with individual entrances appeal to a wide range of tenants, maximize per square foot rents, generate healthy turnover and present the opportunity to convert the large studios into Jr. 1 Bedrooms suites to further maximize rental revenue. + STRONG FUNDAMENTALS: Canadian multifamily is one of the tightest property sectors in North America and the Nanaimo rental market is characterized by a growing housing undersupply, ownership cost challenges and record population growth leading to near zero vacancy levels and rapid market rent growth.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space height="52px"][vc_text_separator title="Property Photos" title_align="separator_align_left"][vc_gallery type="image_grid" images="5655,5658,5684,5683,5681,5682,5663,5664,5665,5666,5656,5661" img_size=""][/vc_column][/vc_row][vc_row][vc_column][vc_text_separator title="Contact" title_align="separator_align_left"][vc_row_inner][vc_column_inner width="1/2"][vc_column_text] GREG AMBROSE Vice President T +1 604 662 5178 greg.ambrose@cbre.com [/vc_column_text][/vc_column_inner][vc_column_inner width="1/2"][vc_column_text] LANCE COULSON Personal Real Estate Corporation Executive Vice President T +1 604 662 5141 lance.coulson@cbre.com [/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text] [/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row full_width="stretch_row" disable_element="yes" css=".vc_custom_1523919993135{background-color: #f2f2f2 !important;}"][vc_column el_id="location"][vc_text_separator title="Location"][vc_column_text]The “Garden Manor Apartments” is strategically located on the northwest corner of Garden Avenue and Triumph Street within East Vancouver’s trendy Grandview Woodland Neighborhood. The subject property is just minutes from Downtown Vancouver, the Trans-Canada Highway, the North Shore and Vancouver Harbour. Garden Manor is within walking distance to the transforming East Hastings Corridor, which is being rejuvenated with numerous planned mixed-use developments comprising a complementary mix of residential, retail, shops and services. The property is also conveniently located just a few blocks from Commercial Drive comprising an electric mix of restaurants, specialty shops & services, grocery and many other tenant-friendly amenities. The recent influx and transformation of the area surrounding the subject property has attracted new retailers and notable hot spots such as JJ Bean Coffee Roasters, Parallel 49 Brewing Company, The Red Wagon and the Tacofino Commissary, which are all located in close proximity to the Garden Manor Apartments. 2285 Triumph Street's close proximity to Downtown Vancouver, walking distance to an excellent cross section of tenant-friendly amenities and its location in a safe, quiet and friendly neighborhood will continue to attract and retain quality tenants. [/vc_column_text][/vc_column][/vc_row]