Minerva Gardens
33371 2nd Avenue

SOLD 

Cushman & Wakefield is pleased to announce the successful sale of Minerva Garden Apartments (the “Property”), a 26-suite multifamily investment asset situated on a corner lot approximately 17,641 sf of MA2 zoned land located in the Fraser Valley’s rapidly growing District of Mission, BC.

The Property is professionally managed to an institutional investment standard. There have been several recent capital upgrades to the Property including 13 of the suites being completely renovated in 2023 and leased to market rents, leaving a partially stabilized asset with substantial value-add opportunity to an investor and subsequent future revenue growth and an enhanced investment yield. There is essentially no deferred repair and maintenance to be undertaken in the near term, meaning that an investor can focus free cash flow on future unit renovations upon tenant turnover. Underpinned by a land-use designation which provides future redevelopment potential to a higher density with a 4.5 FSR.

Location Highlights

• Central location adjacent to Downtown Mission surrounded by service-based retail, dining options, schools and professional and employment destinations
• Nearby to the Waterfront Comprehensive Planning Area, one of the Eastern Fraser Valley’s largest planning projects that will see significant densification and revitalization of Mission’s waterfront
• A short walk from the West Coast express Mission City Station making downtown Vancouver regularly accessible via transit in just over an hour