meridian - Goodman Report

Forward Sale
New purpose-built luxury
rental apartment and
townhouse project
featuring 114 suites
in the heart of
Langley
Meridian
5363 & 5393 201 Street, Langley, BC
Greater Vancouver’s #1 Multi-Family Investment Resource: www.goodmanreport.com
David Goodman
Direct 604 714 4778
david@goodmanreport.com
Mark Goodman*
Direct 604 714 4790
mark@goodmanreport.com
*Personal Real Estate Corporation
Cynthia Jagger
Direct 604 912 9018
cynthia@goodmanreport.com
A rare opportunity to own a brand new luxury purposebuilt rental apartment and townhouse project in
the heart of the City of Langley. Known as Meridian,
the apartment complex features a 5-storey 90-suite
Asking price
$47,500,000
Net operating income
$1,910,736
Cap rate
4.02%
Total net rentable area
101,384 SF
Price per SF
$468.52
apartment building and is scheduled for completion
in January, 2017. The townhouse complex features 24
three-level homes for a total of 114 rental suites and is
scheduled for completion in September 2017.
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 fastdeveloping 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-totable culinary experiences. The way
nature and expansive acreage run
alongside urban life ensures tenants
will experience the best of both worlds
in this location.
Specifically, 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.
Meridian Townhomes encompasses
two separate buildings on another
1-acre site just north of the apartment
site, bounded by 201 Street to the east
and Michaud Crescent to the north.
Meridian
Townhomes
Meridian
Townhomes
Mic
Meridian
Apartments
53 A Ave
201 St
200 A St
53 B Ave
200 St
Site
s
re
C
ud
ha
Neighbourhood
3
3
200 ST
3
1
1
http://www.elementsinlangley.com/area.cfm
F
RA
SE
R
17
17
SHOPPING
LANGLEY BYPASS
18
18
19
19
LO
GA
N
AV
E
4
FR
20
20
20
AS
EAT & DRINK
ER
HW
IN
DU
Y
ON
ST
RIA
LA
VE
203 ST
3, 4, 5, 6. Starbucks
7. Valley Centre Liquor Store
8. Samz Liquor Store
9. Crescent Wines
AY
W
TI
UC
200 ST
VE
LO
22
G
66
7
7
55
201A ST
199 ST
198 ST
8
8
RD
R
OD
PR
196 ST
RESTAURANTS
LANGLEY BYPASS
12
12
ST
60 AVE
13
4 13
4
HW
Y
1. Willowbrook Shopping Centre
2. Save-On-Foods
11
11
56 AVE
FRA
SER
14
14
LO
GA
N
HW
AV
E
Y
15
15
16
16
55 AVE
55A AVE
D
AU
CE
ES
CR
NT
99
204 ST
198 ST
55A AVE
YD
BR
11. Browns Social House
12. Cactus Club Cafe
13. Milestones Grill & Bar
H
MIC
ON
CR
CE
ES
54A AVE
NT
ENTERTAINMENT
53A AVE
204 ST
M
203 ST
201A ST
54 AVE
AV
E
200 ST
14. Cascades Casino
15. City of Langley Library
16. Langley City Hall
54 AVE
53
6
20
ST
53 AVE
53 AVE
10
ST
201A ST
199
10
51
B
AV
E
52 AVE
SCHOOLS
PORTAGE
PARK
10. Nicomekl Elementary School
VE
1A
5
LANGLEY CITY PARK
AVE
50 AVE
50 AVE
203 ST
EC
RES
CEN
T
205A ST
49 AVE
AD
201 ST
48A AVE
SENDALL
GARDENS
200 ST
197A ST
49A AVE
GR
49 AVE
196 ST
17. Preston Chevrolet Buick GMC Cadillac
18. Willowbrook Chrysler Dodge Jeep
Ram
19. Langley Volkswagen
20. Jonker Nissan
50A
ST
204 ST
CAR DEALERSHIPS
6
20
ViewSITE
theINneighbourhood
video here.
PURPLE
Meridian Apartments
Project Summary
Municipal
address
5363 - 201 Street, City of Langley
Legal
description
Lot A District Lot 305 Group 2 New
Westminster District Plan EPP31077
PID
029-572-720
Units
90
Year built
New construction; occupancy Jan 2017
Zoning
CD
Lot size
1.13 acres (rectangular)
Height
5 storeys
Allowable
density
198 units/ hectare
(0.45764 hectares x 198 = 90.62 units)
Net rentable
area
70,290 SF
Floor plate
Rental
Amenity
Lot coverage
Floor area
Underground parking
First floor
16,983 SF
1,031 SF
36.6%
40,060 SF
Apartment: 16,983 SF
Amenity: 1,112 SF
Second floor
16,983 SF
Third floor
16,983 SF
Fourth floor
16,983 SF
Fifth floor
16,983 SF
Total
86,027 SF
Total including
underground parking
126,087 SF
Parking
Suite stalls
Regular
69
Small car
36
Handicap
5
Total
Visitor stalls
(at first floor
level)
110
Regular
17
Handicap
1
Total
18
Bicycle Parking
49
Suite stalls (in underground)
6
Visitor stalls (at grade)
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.
Apartments Suite Mix
Units
Avg. rent
Avg. size
1 bedroom
30
$1,250
583 SF
2 bedroom
47
$1,721
852 SF
3 bedroom
13
$1,912
980 SF
Total
90
$1,592
781 SF
Apartments Proforma
Gross income
Vacancy (1.5% on rent only)
Effective gross income
Operating expenses
Net operating income
$1,804,320
(25,785)
$1,778,535
(414,000)
$1,364,535
Meridian tOWNHOMES
Project Summary
Municipal
address
5393 - 201 Street, City of Langley
Legal
description
Lot 1 District Lot 305 Group 2 New
Westminster District Plan EPP42319
PID
029-900-042
Units
24
Year built
New construction; occupancy Sept 2017
Zoning
CD
Lot size
0.994 acres (irregular)
Height
3 storeys
FSR
1.04
Net rentable
area
31,094 SF
Features
•
•
•
•
•
•
24 three-level townhouses
Huge private rooftop decks
Security cameras throughout
Volumes of street parking
Sound measures: concrete topping, insulation, sound
bar and 2 layers of drywall
Appliance package includes dishwashers and washer/
dryer
Floor plate
Floor area
Building #1
7,838 SF
Building #2
7,860 SF
Utility building
96 SF
Lot coverage
36.4%
Building 1
First floor
7,066 SF
Second floor
7,609 SF
Third floor
7,838 SF
Total
22,513 SF
Building 2
First floor
7,088 SF
Second floor
7,627 SF
Third floor
7,860 SF
Total
22,575 SF
Total of both buildings
45,088 SF
Parking
Tenant
48 (2 stalls per unit)
Visitor
8 (including 1 handicap stall)
Townhomes Suite Mix
Units
Avg. rent
Avg. size
2 bedroom
8
$2,175
1,228 SF
3 bedroom
16
$2,384
1,329 SF
Total
24
$2,315
1,296 SF
Townhomes Proforma
Gross income
Vacancy (1.5%)
$666,600
(9,999)
Effective gross income
$656,601
Operating expenses
(110,400)
Net operating income
$546,201
Amenity Building
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
• 16-seat theatre room
• Enormous professional
work-out
gym
with
separate cardio and yoga
space
• Available for use by
both
apartment
and
townhouse tenants
Amenity Areas
Stand-alone building
1,058 SF
Underground level
2,304 SF
Total amenity provided
3,362 SF
Tannin Developments’ team has over 20 years of experience and have learned the
importance of working with lasting materials, forward-thinking design, uncompromising
principles, and passionate people. This synergy has led to award-winning projects and
strong relationships with top caliber tradesmen and suppliers. Most importantly, Tannin
marks their success on handing over good work to customers who feel as excited to
own it as they feel to have built it.
This communication is not intended to cause or induce breach of an existing listing agreement. The information contained herein has been obtained from sources
deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and
completeness.
Greater Vancouver’s #1 Multi-Family Investment Resource: www.goodmanreport.com
David Goodman
Direct 604 714 4778
david@goodmanreport.com
Mark Goodman*
Direct 604 714 4790
mark@goodmanreport.com
*Personal Real Estate Corporation
Cynthia Jagger
Direct 604 912 9018
cynthia@goodmanreport.com