The Station at Thomas Rd

Overview

The Station provides investors with a unique opportunity to acquire a stabilized mulit-family asset of significant scale in the burgeoning Fraser Valley market.

The offering comprises a leasehold interest in two newly constructed five-storey apartment buildings, totalling 160 market rental units, on a 3.04-acre property in the rapidly growing Vedder Crossing neighbourhood of Chilliwack.

This well-appointed and thoughtfully designed complex totals 133,368 SF of rentable area, with a balanced unit mix of studio-, one-, and two-bedroom suites.

Completed in 2020, the buildings feature air-conditioned units with modern, energy-efficient appliances, including dishwashers and in-unit laundry. Common area amenities include a furnished lounge, a fully equipped fitness room, bicycle storage, an outdoor patio, and landscaped grounds.

The property offers a total of 227 parking spaces, including 40 secured stalls under each building, and 147 surface stalls.

The buildings are fully leased and currently maintain a waitlist of prospective tenants seeking occupancy.

The property has extremely attractive below-market debt with an approximate $38 million balance at 1.89%, maturing in March, 2031. Share purchase is available.

Location

The Station is located in Vedder Crossing, a rapidly growing neighbourhood in the south of Chilliwack. The location is perfectly positioned for residents to take advantage of all the Fraser Valley has to offer. Surrounded by stunning mountain views, the property is steps from restaurants, daily conveniences, schools and daycares, while scenic hiking trails and the popular Cultus Lake are a short drive away.

A new mixed-use community is under construction directly across the street, bringing new amenities to tenants’ doorsteps. Retail spaces will include a Nature’s Fare organic grocery store, Pure Pharmacy and Willowbrae Daycare, along with future spaces for restaurants, cafes and professional services. Areas for live performances and community events are planned in future phases, with the goal of transforming the area into a vibrant new town centre.

The University of Fraser Valley’s Chilliwack campus is a short five-minute drive from the property, and Highway 1 (Trans-Canada Highway) is ten minutes away.