Newly Built Maple Ridge Apartment Sells for $718,750 per Unit

A newly constructed 24-unit rental apartment building at 11300 Pazarena Place in Maple Ridge has sold for $17,250,000.

The three-storey building, completed in 2024 and branded as Crestwood, sits on a 25,575 SF lot adjacent to the Lougheed Highway corridor, next to Polygon’s Provenance townhome community.

• Sale Price: $17,250,000
• Price per Unit: $718,750
• Units: 24
  • 10 one-bedrooms, 6 two-bedrooms and 8 three-bedrooms
  • Average unit size 770 SF

The residential component sits above a fully leased daycare facility comprising 7,173 SF currently occupied by Hava Childcare Academy.

The vendor was Polygon with the purchase completed by Anthem Crestwood Holdings Ltd.

The transaction was brokered by a four-person Cushman & Wakefield team: Chris Harper, David Venance, Patrick Hannah, and Alex Priatel. More detail on the listing can be found here.

The $718,750 per-unit figure is notable for a suburban Fraser Valley asset, reflecting the premium that newly built, purpose-built rental product commands — particularly when paired with a stable commercial income stream. For context, the quarter’s largest comparable multifamily deal in the City of Vancouver — a newer 31-unit building at 727 East 17th Avenue — traded at $694,000 per unit, making Crestwood’s per-unit pricing competitive with, and slightly above, that benchmark despite its Maple Ridge location. The daycare tenancy at grade likely played a meaningful role in underwriting the price, providing a long-term commercial lease to anchor the income profile of an otherwise fully residential building.

Cap rate was not disclosed.