Oxford Properties and Intracorp Homes announced they have entered into a joint venture to develop 649 rental apartments at the site of the Ashley Mar Housing Co-operative in South Vancouver. Of the total new units, 125 will be part of the housing co-op, more than doubling the number of homes available at the co-op today. Current residents will be relocated during construction, then moved back into their new units after completion in 2024.
“We’re very pleased to partner with Intracorp and make our first residential investment in Vancouver through a project that promises significant economic and social benefit for the local community,” said Tyler Seaman, Head of Hotels & Multi-Residential, North America at Oxford Properties. “As Oxford continues to scale our residential business across North America, we have high conviction in the Vancouver market, driven by its sustained favourable demographic trends and expansion of global tech firms.”
Located steps from the Canada Line at 8495 Cambie Street and 8460 Ash Street, the nearly 1.5- acre site will offer a range of bachelor, 1-bedroom, 2-bedroom, 3-bedroom and townhome layouts to accommodate a wide array of renters, including families. The development includes two new market high-rise rental towers and the 16-storey co-op tower.
Situated within the Marpole-South Cambie transit corridor, residents will be steps from the Marine Drive Skytrain Station. The modern complex will feature several sustainability-oriented amenities, including EV charging stations and hundreds of bicycle parking stalls. The project is slated to break ground in spring 2022, with first occupancy anticipated by the end of 2024.
“We’re excited to bring the largest co-op rental development ever to Marine and Cambie and provide much needed rental housing opportunities to this transit-oriented neighbourhood,” said Evan Allegretto, President, B.C. at Intracorp Homes. “We couldn’t have asked for a better team to be working alongside in Oxford Properties and are proud to be delivering over 524 rental homes and 125 co-op renewal homes in our first project together.”
Oxford is targeting a significant pipeline of opportunities in Vancouver as a core, long-term market, primarily through new development projects to deliver critical new supply of professionally managed rental product.
“Today’s announcement signals Oxford’s commitment to deliver much-needed, high-quality, professionally managed rental apartments to Vancouver,” commented Randy Hoffman, Senior Vice President, Canada at Oxford Properties. “As we scale our business in the region we will continue to look at a wide-array of opportunities, including partnerships with co-investors that share both our conviction in the asset class, and a desire to deliver a broad range of solutions to suit a diverse and growing Vancouver market.”
