Property Case Study

The Meridian

SUMMARY

ADDRESS 5363 201 Street, Langley, BC
YEAR BUILT 2017
# OF UNITS 90
SITE SIZE 47,916 SF
SALE DATE Aug. 2018
SALE PRICE $33,000,000
DEAL TYPE Sale upon building stabilization
PURCHASER Institutional Investor

TRANSACTION DETAILS

Newly-constructed 5-storey wood-frame, 90-Suite purpose-built rental apartment building off 201 Street and 53A Avenue in Langley, BC.

Abundance of appealing amenities such as secured underground parking, outdoor playground area, bike storage, meeting room, fitness centre, entertainment room and theatre room.

The Meridian Apartments was completed, fully leased, and had operated for a full year at the time of the sale.

CBRE National Apartment Group – BC sourced the end-buyer, assisted both the Vendor and buyer throughout the comprehensive valuation, negotiation and due diligence process, and ultimately brokered the sale of the property between a local developer and one of Canada’s largest residential landlords