Construction on a large rental project in Coquitlam is now set to begin after Vancouver-based real estate developer Anthem Properties and BGO (formerly known as BentallGreenOak) announced a new joint venture on Tuesday.
The project is set for 1184 Inlet Street, which is located about midway between Coquitlam River Park and Lafarge Lake, the latter of which is home to the Millennium Line SkyTrain’s Lafarge Lake-Douglas Station.
The property was formerly occupied by a 17-unit strata townhouse complex spread out across four low-rise residential buildings, which were acquired by Anthem Properties in September 2021 for $22,350,000 in a sale that was brokered by Casey Weeks and Morgan Iannone of Colliers.
BC Assessment values the two-acre site, now vacant, at $18,761,000 in its latest assessment, which is dated to July 1, 2024.
In a press release on Tuesday, BGO said that it will co-own the site, but did not disclose the ownership split. The partnership is the first between Anthem Properties and BGO, which is the US-based real estate arm of Canadian financial services company Sun Life Financial. Anthem will be serving as the development, construction, and property manager for the project.
The 1184 Inlet Street site in Coquitlam, near Lafarge Lake. / Colliers
Planned for the site are two six-storey woodframe buildings that would house a total of 197 rental units, ranging from studio units to three-bedroom units. Just over 3,000 sq. ft of amenity space will be provided, including a fitness facility, party room, dog wash stations, barbecue areas, and an outdoor playground, among other things. The building will provide a total of 173 vehicle parking spaces and 196 bicycle storage lockers.
The property is designed to be 50% more energy-efficient than the standards of the 2018 BC Building Code, which the developers say is being achieved through enhanced insulation, upgraded glazing, advanced air barriers, and high-performance energy-recovery ventilators.
“We’re excited to add to our portfolio with the launch of this new development project for our Canadian Value-Add strategy in partnership with Anthem — a highly capable and experienced developer with deep local roots,” said Chetan Baweja, Managing Director, Head of Canadian Value-Add & Separate Accounts for BGO. “1184 Inlet Street is a compelling, amenity-rich, low-rise development that aligns perfectly with our strategy — well-located, community-focused, and built for high quality sustainable living. It reflects our strong conviction in the need for low-rise purpose-built rental housing and the enduring fundamentals driving demand in Coquitlam and the Tri-Cities region.”
“We look forward to a productive new partnership between Anthem and BGO to deliver a project that is well-positioned to meet the current market demands for well-located, low-rise rental housing in one of Metro Vancouver’s fastest growing cities,” added Jordan Carlson, Senior Vice President, Investment Group at Anthem Properties.
According to the partners, both municipal approvals and construction financing for the project have been secured and the plan is to commence construction immediately, with completion expected in late-2027.
For Anthem, the 1184 Inlet Street project adds to an already-extensive list of projects in the Tri-Cities. Between Highway 1 and Lougheed Highway, along North Road, Anthem is currently constructing a seven-tower master-planned community called SOCO. Over in Port Moody, Anthem has three ongoing projects, including a 26-storey rental project near Moody Centre Station.