For Sale

New Purpose-Built Rental

Langley

Apartment Building
90 suites

$34,500,000

Completed 2017 and fully occupied

Overview

A rare opportunity to own a brand new luxury purpose-built rental apartment project in the heart of the City of Langley. Known as Meridian, the 5-storey, 90-suite apartment building has just been completed and is now fully occupied. Excellent assumable financing available!

The Meridian project is a culmination of superior materials, thoughtful design, and attentive execution. It integrates premium brick, metal and concrete to create contemporary beauty. The strong aesthetic and practicality of the exterior reflects everything about the two Meridian buildings, from the architectural structure to the unit layouts to the design elements of each home. Each unit is constructed with longevity in mind for the investor.

View an introduction video of the Meridian here.

Location

Meridian is well-situated in the fast-developing City of Langley, close to a variety of shops, restaurants, cafes, Willowbrook Mall and recreational centers. As for the outdoors, there are beautiful parks, a BMX bike trail, golf courses, and equestrian centres for horseback riding. The layout of Langley’s diverse neighborhoods and areas provide access to the charm of Fort Langley, the convenience of business centers, the culture of art galleries, museums, and wineries and the best of Lower Mainland’s farm-to-table culinary experiences. The way nature and expansive acreage run alongside urban life ensures tenants will experience the best of both worlds in this location. 

View neighbourhood video here.

Site

The Meridian Apartments is an L-shaped building located between 53b Avenue to the north and 53a Avenue to the south, and between 200a Street to the west and 201 Street to the east, forming a 1.1-acre rectangular site. 

Features

  • Five-storey 90-suite apartment building
  • Private, secured parkade with parking for each unit
  • Two large cab elevators
  • Exterior surface visitor parking area
  • Security cameras throughout
  • 2-ply torch on roof
  • Secured bicycle storage
  • Large storage lockers available on each floor
  • Incredible views on upper floors
  • Hot water included
  • Oversized 7-foot entry and balcony doors 
  • Swing doors instead of bi-folds for all closets
  • Appliance package includes dishwashers and washer/dryer
  • In-suite storage of approx. 30 sq. ft.

Amenities

Stand-alone building

  • Bright, clean and secure hotel-style lobby with sitting area and elevator
  • Secure outdoor area with playground
  • Entertainment room: features gas fireplace, children’s play area, full kitchen for functions, birthday parties, BBQ’s and family gatherings

Underground level

  • 7-seat theatre room
  • Enormous professional work-out gym with separate cardio and yoga space

Summary

Price$34,500,000
Units90
Storeys5
Net Rentable Area70,340 SF
Price/Unit$383,333
Cap Rate3.8%
Year Built2017
Lot Size1.1 acres
PID029-572-720

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
1 bedroomNo. Units35Avg. Sq. Ft.626Avg. Rent$1,326
2 bedroomNo. Units45Avg. Sq. Ft.862Avg. Rent$1,690
3 bedroomNo. Units10Avg. Sq. Ft.965Avg. Rent$1,934

Financials

FinancingExcellent assumable financing available.
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$1,726,176
Vacancy(12,760)
Effective Gross$1,713,416
Operating Expenses(407,502)
Net Operating Income$1,305,914

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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