Strand Development Looking To Sell 'Layla' Rental Project In Burquitlam

Strand Development, a real estate company based in Vancouver, is planning to sell its new rental building, The Layla, located in Coquitlam's Burquitlam neighborhood. The six-story building, currently under construction at 633 Gardena Drive, will offer 103 rental units and 91 parking spaces. It's situated just north of the intersection of Como Lake Avenue and Clarke Road.

The Layla is conveniently located a few blocks north of the Millennium Line SkyTrain's Burquitlam Station, providing easy access to public transit. By car, it's approximately five minutes from Simon Fraser University, six minutes from Lougheed Town Centre, eight minutes from Port Moody, and 13 minutes from Brentwood.

This rental project is being developed alongside the 29-story Alina condo building at 631 Gardena Drive. Together, they are part of Strand's larger plan to develop multiple building pairs in the area. Other nearby projects include the Komo condo tower and The Harper rental building at 633 Claremont Street, as well as the Kora condo building and The Reagan rental building at the intersection of Gardena Drive and Westley Avenue.

The Layla's 103 units consist of 87 market-rate rentals and 16 below-market rentals, which are part of a housing agreement with the City of Coquitlam. These below-market units will be offered at rents 25% below typical market rates. The building also includes two guest suites. Amenities for residents feature a secured parcel delivery room, a pet wash station, and air-conditioned indoor common areas. The individual units will have 9-foot ceilings and stainless steel kitchen appliances.

Construction of The Layla is being handled by Axiom Builders, with completion expected in the second quarter of 2025. The property is currently held in a bare trust under Oakdale Holdings Ltd., which may allow for a share sale to avoid property transfer tax. The building has an assumable debt of approximately $39.9 million and is projected to generate a net operating income of about $2.7 million in its first year.

The Layla has been listed for sale by a team from Avison Young, including Carey Buntain, Michael Buchan, Chris Wieser, Kevin Murray, and Megan Low. The listing does not specify an asking price