A two-building leasehold apartment complex in Chilliwack, B.C. came onto the market Wednesday.

Goodman Commercial is listing the 160-unit complex for $68.4 million (or $427,500 per door) for its owner and developer Traine, which completed the development in 2020. The Tzeachten First Nation owns the land and has leased it out under a 99-year term.

The purchase price includes assumable mortgage debt of $38.4 million at a below-average 1.89% rate, said Mark Goodman, founder of Goodman Commercial, in an interview.

“And, it matures in March of 2031, so you’ve got a six-year vacation from high interest rates,” said Goodman.

The complex has a 4.4% market-capitalization rate.

Known as the Station, the three-acre property is located in Chilliwack’s Vedder Crossing area and has 133,368 square feet of rentable area. The fully occupied buildings feature  feature air-conditioned units with energy-efficient appliances, including dishwashers and in-suite laundry. Amenities include a furnished lounge, a fully equipped fitness room, bicycle storage, an outdoor patio, and landscaped grounds.

Of the 160 units, 100 are large two-bedroom suites spanning about 900 square feet.

“It’s got good workout, gym and shows very well,” said Goodman, noting that many families are among the tenants.

Goodman said there is strong demand for rental housing in the area due to its mountain views and close proximity to schools, daycares, restaurants, other daily conveniences, the Cultus Lake recreation area and Highway 1.

“It’s got a little bit of every something for everybody, so it’s a very well regarded location,” said Goodman.

Pictured: The Station apartment complex in Chilliwack, B.C.

Photo: Courtesy of Goodman Commercial