Willoughby Walk
Luxury rental development delivers a 22.5% annualized cash-on-cash return
Willoughby Walk is a luxury condo-style rental building in Langley, developed by OCMI. Acquired in 2015, this project transformed just under 2 acres of prime land into a 191-unit, 6-storey building, completed and sold to CapREIT in 2019. With an annualized cash-on-cash return of 22.5%, Willoughby Walk exemplifies OCMI’s ability to deliver high-value, purpose-built rental properties.
Project Overview:
OCMI’s Willoughby Walk project stands as a testament to our ability to deliver high-value, purpose-built rental properties that cater to the luxury market. Located in the rapidly growing community of Langley, this project began with the strategic acquisition of just under 2 acres of prime land in 2015, earmarked for the development of a 6-storey, luxury condo-style rental building.
Recognizing the potential of this site, OCMI navigated the Township of Langley’s hearing process, securing the necessary building permits on June 21, 2017. The meticulous planning and development process resulted in the completion of Willoughby Walk, a 191-unit building that set new standards for luxury rentals in the area.
Strategic Implementation:
- Prime Site Acquisition and Market Research: OCMI conducted extensive market analysis to identify Langley as a high-growth area with strong demand for luxury rental properties, leading to the strategic acquisition of a well-located site that offered significant development potential.
- Expert Navigation of Regulatory Processes: OCMI skillfully guided the project through the Township of Langley’s rigorous hearing process, securing building permits in 2017, which was pivotal in maintaining the project timeline and maximizing the site’s value.
- High-Quality Design and Development: The project’s design focused on creating luxury, condo-style rental units that catered to the growing demand for upscale living spaces in Langley, ensuring strong market appeal and rapid lease-up upon completion.
Impact and Results:
On April 15, 2019, the project was successfully sold to CapREIT, a leading Canadian real estate investment trust, marking the culmination of OCMI’s strategic vision. The project achieved an impressive annualized cash-on-cash return of 22.5%, reflecting OCMI’s expertise in identifying and capitalizing on high-yield investment opportunities.
Willoughby Walk is more than just a development; it is a symbol of OCMI’s commitment to delivering luxury, quality, and value through strategic real estate investments.
