Woodgrove Pines Apartments 6597-6601 Applecross Rd

The CBRE National Apartment Group-BC has been retained by the Owner on an exclusive basis to offer a 100% interest in the Woodgrove Pines Apartments, comprising two separate properties consisting of 4 newer rental apartment buildings with a combined 137 suites and 5 commercial units on a large 5.22-acre land parcel in the heart of Nanaimo, British Columbia.
The subject property is prominently situated off the North Island Highway in the highly desirable Dover Bay Neighbourhood in North Nanaimo, British Columbia, one of Canada’s fastest growing municipalities. The subject property is just steps to an abundance of tenant-friendly amenities offered at the 748,000 sq. ft. grocery-anchored Woodgrove Shopping Centre, Vancouver Island’s largest shopping center. Woodgrove Pines is also within walking distance to Costco, a variety of retailers, shops, and services situated along the Island Highway, as well as a variety of schools, parks, and transit services.
This unique opportunity offers investors unique scale (137 suites + 5 CRU) providing both management and operational efficiencies. The rental complex as a whole is comprised predominantly of large 2-bedroom suites (65%) with efficient layouts that attract a broad cross-section of prospective tenants. One of the four rental buildings comprising both residential and commercial units is stratified, providing an investor the opportunity to sell off individual units in the future. In addition, CBRE has estimated that there is approximately a 55% + upside in the current rents blended throughout the buildings, which may be realized in the future by continuing with the current owner’s comprehensive and proven renovation program as units turn over.
Woodgrove Pines is an institutionally owned and managed rental complex that has benefited from several capital improvements in recent years, including renovations to approximately 34% of the units, updated building exteriors, newer roofs, lobby upgrades, landscaping upgrades, plumbing, boiler, and mechanical updates, just to name a few. These improvements will minimize a new Owner’s future capital requirements.