The two purpose-built rental developments will add 514 units in Oakridge near a major transit hub
Vancouver, BC, February 28, 2022 – Nicola Wealth Real Estate (NWRE) has partnered with Coromandel Properties (Coromandel) to build 2 purpose-built rental apartment properties in the coveted Oakridge area of Vancouver. The first property, located at 475 West 41st Avenue and known as the “West” parcel, sits on 1.13 acres of land. When completed, this 22 & 14 storey complex will comprise approx. 246,982sf (355 units) of market space, 56,505 sf (64 units) of affordable space, 17,314 sf of retail space plus 209 underground parking stalls.
The second property, located at 357 West 41st Avenue and known as the “East” parcel, sits on 0.29 acres of land. When completed, this 11-storey building will comprise approximately 63,699 sf (86 units) of market space, 6,801 sf (9 units) of affordable space and 36 underground parking stalls.
“This property is situated in the prime Oakridge market only steps from the Cambie Street/West 41st Avenue Canada Line transit station and the Oakridge Regional Shopping Centre re-development.” according to Shaun Blythen, Director of Acquisitions at NWRE. “This partnership allows both NWRE and Coromandel to build a generational multi-family rental apartment portfolio in a transit orientated location.” Blythen adds.
“We are excited to partner with Nicola Wealth Real Estate to develop these transit orientated sites for a new best in class rental apartment product” says Jerry Zhong, President of Coromandel Properties. “Our company acquired these sites a number of years ago and we are thrilled to co-develop and own these properties with NWRE” adds Zhong.
Given the low vacancy rate and limited supply of new quality multi-family rental product in Vancouver, these sites are well positioned to provide new market housing which will also include a component of affordable housing.
NWRE continues to concentrate its growth in major Canadian markets such as Vancouver, Winnipeg, Calgary, Victoria, Kelowna, Montreal, and Toronto with a focus on acquiring income-producing properties, developing new “build to own” product and executing on value-add strategies.
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with over $11.9 billion (CAD) of assets under management (AUM). NWRE has an experienced and innovative team that sources and asset-manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and seniors housing. With the acquisition of Blackwood Partners, the current NWRE portfolio now exceeds $7.5 billion gross asset value.
To learn more about the Nicola Wealth Real Estate funds, visit realestate.nicolawealth.com
About Coromandel Properties
Headquartered in Vancouver, Coromandel Properties (“Coromandel”) is an experienced real estate development company that was founded in 2013. Coromandel has a talented in-house team that focuses on multi-family, mixed-use, and hospitality projects. Coromandel has over 4.6 million square feet of real estate projects in various stages of development..
To learn more about Coromandel, visit coromandelproperties.com
Senior Manager, Corporate Relations