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Low vacancy rate and shortage of campus housing creates investment opportunity
KELOWNA, B.C. Mission Group has announced today the launch of U-Six, its fifth condo project in three years in the University District neighbouring the University of British Columbia’s (UBC) Okanagan campus. With U-One through to U-Five having sold out the expansion of the U-District has been an ongoing success story with opportunities still available for parents of students and investors.
UBC Okanagan enrols more than 9,000 students. With only 1,600 beds on campus and 1,650 beds built to date at the U-District, there is a strong demand for housing near the campus. Investors and parents of students have the ability to turn rent money into home equity and earn an income by renting the condominiums to their children and roommates if desired.
“In 2017, Kelowna emerged as one of the best places to invest in as its rental vacancy rate reached a low of 0.2%.” says Randy Shier, president of Mission Group, “Vancouver is noticing the great real estate values at Kelowna’s U-District as the studios start from $199,900. The Okanagan campus of UBC is still young and this is a great time to buy while the opportunity still exists.”
At U-Six, two bed, two bath homes start from $329,900 and three bedroom, three bath start from $409,900. Kelowna’s growth has been continually rising and U-Six’s location, walking distance to UBC Okanagan Campus, makes it an ideal spot for investors in Kelowna. U-Six is in a prime spot as students from across B.C., Canada and 80 other countries move to Kelowna to study in the world-class academic environment.
Photo caption: Rendering of U6 development by Mission Group in Kelowna, B.C.
Photo credit: Mission Group
Sales in the Central Okanagan continue to rise, according to the Okanagan Mainland Real Estate Board: Condominium sales in 2017 increased by 6% compared to 2016. Strata properties including condominiums have gone up in value by 16 per cent in Kelowna according to B.C. Assessment statistics released in the first week of January 2018.
Built with students in mind, U-Six offers a variety of contemporary, open-concept studios, two and three bedroom homes. This freehold 57 home condominium community features thoughtful layouts and floorplans that maximize use of space and revenue. Each home comes with a full kitchen, in-suite laundry, and every bedroom has its own bathroom.
“Demand for housing that is walking distance to the university is high,” says JoAnne Adamson, vice president, sales and marketing, Mission Group, “Compared to the average price of condos in Vancouver near UBC’s Lower Mainland Campus homes at U-Six are a bargain.”
U-Six and the UBC Okanagan Campus are part of the U-District and conveniently located near the airport. The Kelowna International Airport now serves 1.6 million passengers annually, offering more than 60 daily non-stop commercial flights with nine airline partners. It is the 11th busiest airport in Canada with a total economic impact of 4,545 jobs and $789 million in total economic output to the province of British Columbia.
Sales for U-Six will begin in early February and construction is anticipated to start in the Spring. All of the homes will be ready in time for the fall academic start of 2019. This highly anticipated community is expected to sell out quickly. For more information please check out usixliving.com. U-Six Sales Specialist Wilf Lethbridge is available at 250-718-7072 or wilf@usixliving.com
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For more information on U6 developments, visit http://usixliving.com
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About Mission Group http://www.missiongroup.ca/
Headquartered in Kelowna, Mission Group specializes in residential and commercial real estate development and construction. Each Mission Group community is given careful thought and consideration long before construction begins. Their goal to create and nurture homeowner relationships, as well as their modern and well-built designs has earned them numerous industry awards over the years. These include the Canadian Home Builders’ Association Tommie Gold Awards for Excellence in Creating a Low-Rise Multi-Family Development (2016), Excellence in Semi-Detached or Town-Home Development (2016), Built Green B.C. Builder/Renovator of the Year for Winsome Hill in 2012 and Multi-Family Builder of the Year (2014).