family-oriented townhome rental acquired by nonprofit society

sold

5 Sept

44 townhomes
3.68 acres of land
only townhomes in primary rental market

            $18,500,000
            sold
        
            address
            20834 Dewdney Trunk Rd, Maple Ridge
        
            lot size
            3.68 acres (168,421 SF)
        
            zoning
            RM-1
        
            year built
            1978
        
            units
            44 three-bedroom townhomes

project
description

Brookside Gardens was acquired for $18.5 million by a nonprofit housing society in a landmark transaction that preserved the only purpose-built rental townhomes in the Maple Ridge–Pitt Meadows core market. The 3.68-acre site includes 44 family-sized units, each with private outdoor space, carport parking, and in-suite laundry.

The property had been held by Canadian Apartment REIT (CAPREIT), the largest residential REIT in the country. Working closely with CAPREIT, their listing team at Cushman Wakefield, and multiple public partners, we successfully navigated a complex funding and due diligence process to secure long-term affordability for this vital housing asset.

investment
thesis

This was a rare opportunity to acquire a stabilized, family-oriented rental asset with exceptional site size, strong existing performance, and future repositioning potential — all while preserving affordability in a high-growth submarket.

policy
context

Brookside Gardens is designated Urban Residential under the City of Maple Ridge OCP and zoned RM-1. Although development is not imminent, the large land area and underlying designation signal long-term potential. In the near term, the property’s policy context provides certainty and protection for its existing rental use — aligning with community housing goals and funding mandates.

buyer
appeal

The buyer — a nonprofit housing society — acquired Brookside Gardens as a long-term community investment. This transaction was made possible through a detailed funding strategy and public sector alignment, led entirely in-house.

I authored the complete funding application package, spanning hundreds of pages, to meet stringent program and lender requirements. I also worked directly with CAPREIT, Canada’s largest residential REIT, and their listing team at Cushman Wakefield to structure and close the deal. My involvement extended from early-stage strategy through funding, diligence, and final negotiations — ensuring this one-of-a-kind asset became a lasting part of the community.