- What An apartment complex in Chilliwack, B.C., is on the market
- Why The building is in the city’s growing Vedder Crossing neighbourhood
- What next The building is owned via leasehold interest
A recently built apartment complex in Chilliwack, B.C., has hit the market with an asking price of $68.4m, which appears to be a local record, Green Street News can reveal.
The Station at Thomas Road has 160 units in two five-storey buildings at 46170 and 46180 Thomas Road. The ask of $427,500/unit works out to a 4.4% capitalization rate, based on a net operating income of $3m.
Goodman Commercial has the marketing assignment for the apartments, built in 2020 and owned via a long-term leasehold interest. The Tzeachten First Nation owns the underlying ground.
Station at Thomas Road has a net rentable area of 133,000 sq ft. Eight studio apartments average 533 sq ft, with an average rent of $1,550. There also are 52 one-bedroom suites with an average size of 754 sq ft and an average rent of $1,760, and 100 two-bedroom suites averaging 896 sq ft and $2,090. Units have air conditioning and in-suite laundry.
The complex, with 227 parking spaces, is in the growing Vedder Crossing neighbourhood, about 6km from the city’s downtown. A Save-On-Foods grocery, Cheam Leisure Centre and Cheam Centre Park are nearby.
Chilliwack is a community of about 100,000 residents 85km southeast of downtown Vancouver. According to Green Street’s Sales Comps Database, no other single-property apartment trade has occurred above $20m since 2020. Outside of Greater Vancouver, only two apartment properties have ever sold for more than the Station at Thomas Road’s asking – and both were on Vancouver Island.
