KERRISDALE - CBRE · residential market for homes with an astounding average detached home price of $3.4 million (as of May 2018), more than twice the Greater Vancouver average. •

K E R R I S D A L E A P A R T M E N T P O R T F O L I O

VA NC OU V E R W E S T, B . C .

On behalf of Belmont Properties (the “Vendor”), CBRE National Investment Team – Vancouver is pleased to present the exclusive opportunity to acquire a unique

portfolio of four exceptionally well-maintained high-rise residential towers, prominently located in Kerrisdale, one of Metro Vancouver’s most prestigious and coveted residential

neighbourhoods in Vancouver West. The Kerrisdale Apartment Portfolio (the “Portfolio”) is comprised of four separately titled buildings within close proximity to each

other, benefiting from Kerrisdale’s favorable demographics, rising rental rates, low vacancy rate, and its trendy

commercial hub of over 200 shops.

A multi-family offering of this scale and caliber is rarely available. This offering provides investors with the unparalleled opportunity to own a premier rental

investment portfolio totaling 188 units in a highly desirable location in Vancouver West, with stable cash-flows, infill development potential, and the opportunity to achieve substantial rental income growth through a renovation

program.

A portfolio sale is preferred, but the Vendor will consider offers on a sub-portfolio/individual basis.

T H E OF F E R I NG


1 8 8 U N I T S | 4 T O W E R S | VA N C O U V E R W E S T

W I T H

P O T E N T I A L I N F I L L D E V E L O P M E N T O P P O R T U N I T Y

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E X E C U T I V E T OW E R S5 4 1 1 V I N E S T .

S U M M I T H O U S E5 5 5 5 B A L S A M S T .

D OV E R H O U S E5 5 6 2 B A L S A M S T .

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S AVOY T O W E R S5 7 5 0 L A R C H S T .

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E X E C U T I V E T OW E R S S AVOY T OW E R S

Municipal Address 5411 Vine StreetVancouver B.C.

Year Constructed 1964

Site Size 30,171 SF

Rentable Area 42,185 SF

Occupancy 100%

# Units

Studio 2 (Average Size: 500 SF)

1-Bedroom 29 (Average Size: 750 SF)

2-Bedroom 18 (Average Size: 1,080 SF)

Total 49 units (Average Size: 861 SF)

Average Rent $2.15 PSF

Capital Expenditures & Suite Renovations (2Y) $163,000

Parking 61 Underground (1.24 / Unit) 2 Above-Ground (Visitor)

Net Operating Income $876,522

Financing$7.0MM OSB as of 9/18 at 2.63%; Matures 10/19; Lender GWL

Zoning RM-3

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I NF I L L DE V E L OP M E N T OP P ORT U NI T I E S F OR B OT H T OW E R S

• Both Executive and Savoy Towers have excess land with the potential to develop a second low-rise building in the event of a successful rezoning.

• Infill development may be supported through the City of Vancouver’s Secured Market Rental Housing Policy.• City planners conveyed that any additional density must be apartment rental.• Precedent exists for an increase in apartment rental density through rezoning for infill development.

WE X E C U T I V E T OW E R S S AVOY T OW E R S

INFILL DEVELOPMENT

POTENTIAL

ONE OF T H E R E C E N T LY R E NOVAT E D U NI T S AT T H E E X E C U T I V E T OW E R S PA NOR A M IC V I E W S OF VA NC OU V E R W

INFILL DEVELOPMENT

POTENTIAL

Municipal Address 5750 Larch StreetVancouver, B.C.


Site Size 28,917 SF


Occupancy 100%

# Units










Zoning RM-3

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S UM M I T HO U S E D OV E R HOU S E

DI R E C T LY A DJAC E N T F RO M ONE A NOT H E R

SW

SUMMITHOUSE

DOVERHOUSE

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BA

LSA

M ST

ONE OF T H E R E C E N T LY R E NOVAT E D U NI T S AT T H E E X E C U T I V E T OW E R S PA NOR A M IC V I E W S OF VA NC OU V E RB E S T- I N - C L A S S B U I L DI NG OP E R AT ION S

M E T IC U L OU S LY M A NIC U R E D L A ND S C A P I NG A ND T E N A N T A M E NI T I E S

Municipal Address 5555 Balsam StreetVancouver, B.C.


Site Size 29,056 SF (0.67 acres)


Occupancy 100%

# Units

Studio 24 (Average Size: 750 SF)


2-Bedroom 1 (Size: 1,400 SF)




Parking 51 Underground (1.13 / Unit) 6 Above-Ground (2 Visitor)



Zoning RM-3

Municipal Address 5562 Balsam StreetVancouver, B.C.


Site Size 30,512 SF (0.7 acres)


Occupancy 100%

# Units










Zoning RM-3

• Kerrisdale neighbourhood, one of the most desirable and prestigious residential enclaves in the City, is traditionally characterized by an affluent demographic profile. The average household income in 2017 was $176,826 (85% higher than the City of Vancouver), and is projected to grow a further 34% to $236,915 by 2027.

• This predominantly single-family and low-rise apartment residential hub is celebrated for its tranquil, tree-lined streets, abundance of green space and its multitude of community and commercial amenities.

I N T H E H E A RT OF VA NC OU V E R W E S T, ONE OF M E T RO VA NC OU V E R ’ S M O S T P R E S T IGIOU S A ND C OV E T E D R E S I DE N T I A L M A R K E T S

F I R S T- C L A S S E DU C AT ION : I N C L O S E P ROX I M I T Y T O VA NC OU V E R ’ S T OP P R I VAT E A ND P U B L IC S C HO OL S

• BC’s top ranked public and private schools, including St. George’s, Crofton House, York House, Little Flower Academy, Vancouver College, West Point Grey, Prince of Wales, Point Grey Secondary, Magee Secondary, Shaughnessy Elementary, Quilchena Elementary and Kerrisdale Elementary schools are located within close proximity of the Subject Properties.

• University of British Columbia, BC’s top-ranked university and 34th best university in the world (2018), is also less than a 10-minute drive from the Kerrisdale Apartment Portfolio.

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KERRISDALE CITY OF VANCOUVER

Population (2017) 16,532 669,660

ProjectedPopulation (2027) 18,824 741,241

Average Household Income (2017) $176,826 $95,583

ProjectedAverage Household

Income (2027)$236,915 $129,478

S U R ROU NDE D BY A N E XC E P T ION A L L O C A L C O M MU NI T Y, T H R I V I NG R E TA I L H U B A ND H IGH - E ND N AT U R A L A M E NI T I E S

• All four buildings in the Kerrisdale Apartment Portfolio are steps away from Kerrisdale Village, the area’s bustling central commercial hub located along West 41st Avenue and West Boulevard.

• The wide-ranging commercial amenities in the village include all seven major bank branches, medical clinics, electronics, apparels, London Drugs, Shoppers Drug Mart, local grocery stores, cafes, and restaurants.

• The Portfolio is also surrounded by premier community amenities including Kerrisdale Community Centre (inclusive of a swimming pool and library), Kerrisdale Arena, the newly constructed Arbutus Ridge Greenway, and several spacious parks.

• A selection of high-end recreation amenities, including the Arbutus Club, Point Grey Golf and Country Club, and Vancouver Lawn Tennis Club are also located within close vicinity of the Portfolio.


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K e r r i s d a l eC o m m u n i t y

C e n t r e

K e r r i s d a l eA r e n a

K e r r i s d a l eP a r k

P o i n t G r e yS e c o n d a r y S c h o o lA r b u t u s G r e e n w a y

w 4 1 s t S t

K E R R I S D A L EE X E C U T I V E T O W E R S

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S A V O Y T O W E R S

D O V E R H O U S E

P R I M E S E L E C T ION OF R E TA I L A L ONG 4 1 S T AV E N U E OF K E R R I S DA L E V I L L AGE

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S T RONG M A R K E T F U NDA M E N TA L S : VA NC OU V E R W E S T & K E R R I S DA L E R E S I DE N T I A L M A R K E T

• Vancouver West is Canada’s most expensive residential market for homes with an astounding average detached home price of $3.4 million (as of May 2018), more than twice the Greater Vancouver average.

• The overall home price in Vancouver West has increased by more than 73% over the last five years, pushing more residents to seek rental housing.

• Due to the high home prices in the region, Vancouver West’s Kerrisdale neighbourhood has experienced a consistently low vacancy rate for apartment buildings with an average vacancy rate of 1.5% over the last 10 years, with premium product attracting the most demand.

• According to the latest CMHC Rental Market Survey (October 2017), apartment rental rates in Vancouver West/Kerrisdale have increased by more than 22% during the last three years.

• Approximately 36% of the Kerrisdale population currently resides in rental housing.

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S AVOY T OW E R S5 7 5 0 L A R C H S T .

Addresses5411 Vine St, 5750 Larch St, 5562 Balsam St, 5555 Balsam StVancouver, B.C.

Year Constructed 1964-1965

Site Size 118,656 SF


Total Units 188

Occupancy 100%


Units with Major Renovations [1] 6 units

Underground Parking Stalls 212 Stalls

Parking Ratio 1.13 Stalls/Unit

Average Unit Size 908 SF

Average Monthly Rent $2.18 PSF


Zoning RM-3

2018 ProjectedNet Operating Income $3,525,176

P ORT F OL IO S UM M A RY

K E R R I S DA L E : H I S T OR IC A L LY L OW VAC A NC Y R AT E S

Kerrisdale Residential Market Graphs for Brochure

2010 1.90%2011 1.30%2012 1.50%2013 1.10%2014 1.00%2015 1.60%2016 2.00%2017 1.50%

2010 1,315$ 2011 1,327$ 2012 1,332$ 2013 1,343$ 2014 1,295$ 2015 1,397$ 2016 1,454$ 2017 1,658$

1.90%

1.30%

1.50%

1.10%

1.00%

1.60%

2.00%

1.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

2010 2011 2012 2013 2014 2015 2016 2017

K E R R I S DA L E AV E R AGE A PA RT M E N T R E N T

$1,315 $1,327 $1,332 $1,343

$1,295

$1,397

$1,454

$1,658

$1,200

$1,250

$1,300

$1,350

$1,400

$1,450

$1,500

$1,550

$1,600

$1,650

$1,700

2010 2011 2012 2013 2014 2015 2016 2017

K E R R I S DA L E , VA NC O U V E R W E S T, B . C .

[1] Major renovations refers to comprehensive suite upgrades only; not the standard unit improvements upon normal turnover such as upgrades/replacement to flooring, carpets, painting, fixtures, appliances, etc.

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K E R R I S D A L E V I L L A G E

C O M M E R C I A L H U B

S AVOY T OW E R S5 7 5 0 L A R C H S T .


© 2018 CBRE, Inc. This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Mapping Sources: Canadian Mapping Services [email protected]; DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth.

JIM SZABO PERSONAL REAL ESTATE CORPORATION Vice Chairman National Investment Team - Vancouver+1 604 662 [email protected]

TONY QUATTRIN PERSONAL REAL ESTATE CORPORATION Vice Chairman National Investment Team - Vancouver+1 604 662 [email protected]

CARTER KERZNER

Associate Vice President National Investment Team - Vancouver+1 778 372 [email protected]

W W W. N I T V A N C O U V E R . C O M / K E R R I S D A L E

F OR M OR E I NF OR M AT ION , P L E A S E C ON TAC T :

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KERRISDALE - CBRE · residential market for homes with an astounding average detached home price of $3.4 million (as of May 2018), more than twice the Greater Vancouver average. •