World Class 93 Suite Purpose Built Rental Apartment Building Prominently Located Steps to Future Skytrain In One of B.C.s Hottest Growth Markets
THE OFFERING
The CBRE National Apartment Group-BC is pleased to present the exclusive opportunity to acquire the 100% interest in the Parque on Park Apartments, a brand new 93-suite luxury purpose-built rental apartment building prominently located on Park Avenue across from Douglas Park and just steps to an abundance of tenant friendly amenities and the future SkyTrain Station at 203rd Street and Fraser Highway in the heart of the rapidly growing city of Langley, British Columbia.
The Parque on Park Apartments is a six storey 93 suite multi family rental building that offers a unique mix of 11 – two storey townhomes and a combination of spacious and well laid out 1, 2 and 3 bedroom units to appeal to a diverse market. The Parque on Park Apartments is setting the standard for new purpose rental buildings as it redefines the sustainable urban community with its ground breaking array of standard features including; luxurious professionally designed condo quality suite finishes, cross section of world class building amenities, proprietary app-controlled access & management system and the buildings own electric vehicle ride-sharing program. The Parque on Park Apartments was completed in the summer of 2022 and has enjoyed a strong initial lease-up that has resulted in a current occupancy of 97% with ongoing leasing traction to reach full stabilized occupancy expected shortly.
LOCATION HIGHLIGHTS
The Parque on Park Apartments is centrally located on the north side of Park Avenue just south of the Fraser Highway in the heart of the City of Langley, BC. The subject property is prominently situated across from Douglas Park and is set back on Park Avenue, providing building tenants with a quiet and private neighborhood atmosphere to enjoy. The properties’ central location provides for efficient vehicle travel throughout the Lower Mainland with convenient access to both the Fraser Highway and Trans Canada Highway. In addition, residents will benefit significantly from the future SkyTrain station that is to be located on 203rd & Fraser Highway, just steps from the building.
Enjoying a strong walk score of 85, the Parque on Park Apartments is strategically situated within close walking distance to an excellent cross section of amenities including; No-frills Grocery & Langley Pharmacy anchored Langley Mall on 204th Street & Park Avenue just a half block from the property and the many restaurants, shops and services found on Douglas Street. The property is also located just a 6-minute drive from the 120+ shops and services at the Willowbrook Center and the adjacent Riocan Langley Center, comprising 38 retailers and restaurants. The Parque on Park Apartments is surrounded by outstanding educational facilities, parklands and golf courses making it a truly exceptional location for its residents.
BUILDING & SUITE FINISHES
LIVING SPACES
Durable luxury vinyl plank flooring throughout the living space and bedrooms
Ample in-suite storage rooms with stacked washer & dryer
All suites feature large patios or balconies
Suites include Airmark Air Handlers, Navien combi boilers for space heating, and American Standard outdoor condensing units for Air Conditioning/HVAC systems.
KITCHEN FEATURES
TENANT AMENITIES
The Parque on Park Apartments offers an abundance of amenities for tenant enjoyment and includes:
BUILDING FEATURES
INVESTMENT HIGHLIGHTS
CONDO QUALITY FINISHES & AMENITIES
EXCELLENT LOCATION
OPERATIONAL EFFICIENCIES
With 93 rental suites, the Parque on Park Apartments will allow prospective purchasers to acquire a building of scale that will provide both management and operational efficiencies.
STRONG MARKET FUNDAMENTALS
From 2016 and 2022, the Metro Vancouver municipality with the highest rate of population growth was the Township of Langley (16.0%), trailed by Langley City (11.0%). *Stats Canada
BEST-IN-CLASS DEVELOPER
PARK
Douglas Park
Derek Doubleday Abroretum
Park McLeod Athletic Park
RETAIL
No Frills
RESTAURANT
Masala India Bistro
Fresco Pizza & Wings
Pizza Factory
Dragon Garden
Poseidon Greek Restaurant
Langley Vietnamese Cuisine
Maru Japanese Restaurant
Pho 777 Vietnamese Restaurant
Venetis Restaurant
Original Joe’s Restaurant
Akedo Sholwten Ramen & Gyoza
Wong’s Chinese Seafood Restaurant
Atlas Steak + Fish
Freshii
Dal’s Poke
Viva Mexico Restaurant Grills
Kalma Family Restaurant
BY THE NUMBERS
Luxury Residential Suites
Storeys in a Condo Quality Multi-Family Building
Fastest Growing CIty in BC (16.0% population rate of change Langley Township, 11.0% Langley City)
Median Rent for a 2 Bedroom in Langley (2023)
Largest BC Population Density (Langley City 29,000+ within 10km)
%
Langley Rent Growth Over the Last Year (2023)
DEMOGRAPHICS
Within 5 Km of the Property
*Source: Zumper, City of Langley, Stats Canada
124,697
Estimated Population (2022)
135,424
Projected Population (2027)
38.8
Median Age
$122,656
Estimated Household Income (2022)
$139,244
Projected Household Income (2027)
74.7%
Owned Dwellings
*According to SiteWise
Lance Coulson
Personal Real Estate Corporation
Executive Vice President
National Apartment Group – BC
CBRE Limited, Capital Markets
lance.coulson@cbre.com
604 662 5141
Greg Ambrose
Vice President
National Apartment Group – BC
CBRE Limited, Capital Markets
greg.ambrose@cbre.com
604 662 5178