Kelowna 97-unit townhouse development
A unique opportunity to enter a development project WITH the developer. $150k deposit to reserve for purchase of each unit offers a $40k discount at closing. Strong neighbourhood rental revenues are a result of an undersupplied rental supply, gives peace of mind for alternative exit strategies at completion. Investor will have the option to assign their purchase at any time during development prior to completion or complete on any or all committed units. Cash-on-Cash return of $150k invested and $40k discount translates to 27%.
- 97 townhouse development nestled in West Kelowna
- 4-minute drive to main highway big box retail, banks, shopping, groceries, restaurants
- 23-minute drive to University of British Columbia Okanagan
- Steps from public transit on Shannon Lake Road
- Within walking distance to Shannon Lake & Shannon Lake Golf Course
- Free-hold interest in land
- Townhouses have views (not all of them)
- 2 parking spots for each unit
- Each unit fully stocked with efficient appliance packages
Demographics & Rents
- Mostly young families and retiree’s
- Average house-hold income is $83,000 (statscan2018)
- Average rent for a 1 bed is $1100
o 2 bed is roughly $1600
o 3 bed TH around $1800-$1950 *data recorded from local property managers*
o Westbank is currently under-rented by 2800 units
o Within the next 5 years, The City of Kelowna & West Kelowna would like to see another
5,000 units made available for rent
- Phase one units starting from $435,000-$444,375 and would increase by $5,000 every 5 units
that go firm
- Prior to public launch; Trellis Properties (The Developer) is taking deposits for units privately
- With any deposit of $150,000 direct to the vendor for use of working capital; the purchase price
will be reduced to $395,000 and $404,375 respectively (alternatively if pricing changes; the
$40,000 discount will be honored)
- The deposit will be counted towards the purchase price and will hold until closing
- Economics: $40,000 (discount)/ $150,000 (deposit amount) in the first year yields a 27% Cash-on-Cash return
- Once public launch occurs, discounts will no longer be offered.
Phase 1 Units:
- Phase 1 will be limited to unit type A, B1, and B2. (see site layout)
- There are 27 units available in Phase 1.
- The unit sizes range from 1570 SF to 1600 SF.
- There are 2Bdrm and 3Bdrm units available.
- All Phase 1 units are tandem garages.
- Phase 1 does not include units with rooftop patios. Rooftop patio units will be available during Phases 2 & 3.