Arise

20282 Patterson Avenue, Maple Ridge

$46,000,000

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Price $46,000,000

Property type 100% market rental building

Units 72

Storeys 4

Net rentable area 61,147 SF

Year built 2027

Lot size 36,136 SF

Zoning RM-2

Price per unit $638,888

Cap rate 4.5%

Gross income multiplier 17.9

Parking 98 underground stalls

Price per SF $752/SF rentable

PID 032-077-181

Legal description Lot 1 District Lot 222 Group 1 New Westminster District Plan EPP122546

Overview

Forward Sale Opportunity: Brand-New 100% Market-Rental Building

Arise is a thoughtfully designed four-storey apartment building located at 20282 Patterson Avenue in the fast-growing Maple Ridge market. The project consists of 72 spacious suites situated above one level of underground parking, with no below-market inclusionary housing requirements.

A building permit has been issued for 61,147 square feet of rentable area on this 36,136 square foot corner site. Construction has started, with completion and delivery of the finished building anticipated in 2027.

The unit mix includes 7 one-bedroom suites, 26 two-bedroom suites, and 39 three-bedroom suites. Suite sizes range from 503 to 1,124 square feet, with an average of 849 square feet. Interiors feature contemporary finishes, including laminate flooring, quartz countertops, stainless steel Samsung electric appliances, porcelain tile bathroom flooring, and glass-enclosed showers.

All suites are individually metered and equipped with electric baseboard heating plus heat pumps for heating and cooling the living spaces. Each unit also includes in-suite laundry, a dishwasher, and private outdoor patio or balcony space.

The building offers 800 square feet of indoor amenity space on the ground floor as well as a 3,350 square foot landscaped courtyard. Residents will have access to 98 underground parking stalls (83 resident and 15 visitor), all pre-wired for EV charging, together with 18 secured bike lockers.

Location

Arise is situated in the Hammond neighbourhood of Maple Ridge at the corner of Patterson Avenue and 203rd Street. The site provides convenient access to Lougheed Highway and the Golden Ears Bridge while remaining in a quiet residential area, just one block from the major local shopping district. Nearby amenities include several schools, recreational facilities, and transit options.

Maple Meadows Station—a major bus loop and West Coast Express commuter rail hub—is only a short 10-minute walk away, offering quick connections to Vancouver and the Tri-Cities region.

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	No. units	Average size	Average rent
1 bedroom	No. units7	Average size529 SF	Average rent $2,100
2 bedroom	No. units26	Average size797 SF	Average rent $2,600
3 bedroom	No. units39	Average size942 SF	Average rent $3,167

Financials

Financing	Treat as clear title
Taxes 2025	$76,303
Projected income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$2,595,900 Vacancy(25,959) Effective gross$2,569,941 Operating expenses(501,068) Net operating income$2,068,873
Notes	For a detailed information package, please contact listing agent.

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