A 22-unit apartment building in the heart of Downtown Maple Ridge has sold for $4,600,000. The sale prices out at $209,091 per unit and a 6.3% cap rate, and it adds a useful data point for Fraser Valley apartment values.
Sale details
- Sale price: $4,600,000
- Price per unit: $209,091
- Cap rate: 6.3%
- Building size: 22 units (16 one-bedroom, 6 two-bedroom)
- Lot size: 18,905 SF
The property
11901 222 Street is a three-storey, walkup apartment building constructed in 1966, sitting on a corner lot in Maple Ridge’s Town Centre between Dewdney Trunk Road and Lougheed Highway. The building offers covered parking, storage lockers and shared laundry. The property is zoned RM-2 (Medium Density Apartment Residential) and sits within the Town Centre Flexible Mixed-Use designation in the Official Community Plan, which gives it long-term redevelopment optionality on top of the in-place income. It is also a short walk to the Port Haney West Coast Express station and Downtown Maple Ridge amenities.
How it compares
At $209,091 per unit, the sale sits at a discount to the Burnaby and Langley apartment averages we track, and in line with other older, lower-rise product across the region. For reference, Mainstreet Equity’s October 2026 purchase of two Brow of the Hill buildings in New Westminster priced at roughly $198,000 per unit overall, with individual buildings at $181,000 and $217,000 per unit and cap rates between 4.8% and 5.9%. Maple Ridge’s 6.3% cap rate reflects the premium buyers still demand for the eastern Fraser Valley relative to the core.
Market Takeaway
The vendor acquired the property in December 2018 for $3,580,000, or $162,727 per unit. The sale price represents an increase of about 28% over that purchase price, even though the final price landed well short of the original ask of $5,700,000. For owners of older Fraser Valley apartment buildings, this sale is a reminder that values have held up since 2018, but that buyers are pricing off in-place income rather than headline asks.
Dan Chatfield of Paradigm and Raymond Townsend of Colliers represented the vendor on the sale.
Own an apartment building in Metro Vancouver? I can provide a confidential opinion of current market value. — David Taylor, Colliers · 604-761-7044
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