Investment Overview

Marcus & Millichap is pleased to offer the exclusive opportunity to purchase Riverside, a combined 92-unit rental investment project overlooking the Courtenay River on Vancouver Island. Riverside is comprised of two phases – the first being a professionally renovated 42-unit existing apartment building with condo-quality amenities and luxury finishings offering tenants superior spacious accommodations. The second phase is a 50- unit brand new apartment project that will be built directly beside the first phase as an infill project, with anticipated completion of Q3 2024. An opportunity of scale in the Comox Valley is rare and with a current CMHC vacancy rate of 0.4% in the area, Courtenay is one of Western Canada’s tightest rental markets with an insatiable demand for high-quality rental suites. Phase 1 has already been completed with full occupancy and Phase 2 is currently starting construction with top construction firm IWCD, offering investors confidence in quality and workmanship. Ownership is in the process of negotiating favourable CMHC MLI Select and CMHC Market take-out financing options that will be available for assumption. The Subject Property is held in a bare trust offering investors a flexible and beneficial acquisition structure upon completion.