Ahead of construction completing in Coquitlam later this year, Vancouver-based real estate developer Strand Development has put The Layla on the market.
The Layla is a six-storey rental project with 103 units and 91 parking stalls that is currently being constructed at 633 Gardena Drive, just north of the intersection of Como Lake Avenue and Clarke Road.
The site is also situated a few blocks north of the Millennium Line SkyTrain’s Burquitlam Station and is in close proximity to the assortment of retailers and services around the station. In addition to the ease of access to transit, The Layla is also, by car, five minutes away from Simon Fraser University, six minutes away from Lougheed Town Centre, eight minutes from Port Moody, and 13 minutes away from Brentwood.
The rental project is being developed alongside the 29-storey Alina condo building at 631 Gardena Drive, which represents just one of three pairs of buildings Strand is developing in the neighbourhood.
To the west, at 633 Claremont Street, Strand is developing a 29-storey condo tower called Komo and a six-storey rental building called The Harper. Steps to the north, at the intersection of Gardena Drive and Westley Avenue, Strand is also developing a 35-storey condo building called Kora and a six-storey rental building called The Reagan.
The Property
Last week, The Layla was listed for sale by Carey Buntain, Michael Buchan, Chris Wieser, Kevin Murray, and Megan Low of Avison Young, who make up Avison Young Vancouver’s Multi-Family & Investment Team. The property was listed without an asking price.
The Layla’s 103 units are comprised of 87 market rental units and 16 below-market rental units that are subject to a housing agreement with the City of Coquitlam and must be provided at rents that are 25% below market rates. The suite mix includes units of various sizes and layouts, and the building also includes two additional guest suites.
Building amenities include a secured parcel delivery room, a pet wash station, and air-conditioned indoor amenity spaces, while suites feature 9-ft ceilings, stainless steel kitchen appliances, and more.
The building is currently being constructed by Axiom Builders and completion is currently expected in Q2 2025. According to Avison Young, the property is currently held in a bare trust, which offers the possibility of a share sale to avoid the property transfer tax. The parcel is currently held under Oakdale Holdings Ltd.
The Layla has an assumable debt in the amount of $39,946,618 and has a projected stabilized net operating income of $2,692,516 for the first year.
“This premier multi-family asset features scale, with a 103-unit purpose built rental project containing a balanced suite-mix of 1-, 2- and 3-bedroom units, superb building amenities including a fitness centre, amenity room, Wi-Fi in amenity areas, and two guest suites,” says Avison Young. “This is a phenomenal opportunity for an investor to acquire a brand-new rental apartment building in a rapidly growing, central Metro Vancouver market in walking distance to rapid transit with long term stable cash flow.”