An “extraordinary” real estate opportunity allows for the purchase of two back-to-back apartment buildings in Sapperton.
The Goodman Report states that Cedar Court (345 Cedar St.) and Griffith Manor (461 Griffiths Place) are both on the market. The Sapperton properties can be purchased together for $21 million or can be purchased separately – $13.9 million for Cedar Court and $7.1 million for Griffith Manor.
Cedar Court Apartment is a three-storey building built in 1971. It has 47 units.
Griffiths Manor, which is a three-storey building with a penthouse, was built in 1964. It has 24 units.
“An extraordinary opportunity to acquire two back-to-back apartment buildings featuring a combined 72 suites on 41,382 SF of land in the historic Sapperton neighbourhood of New Westminster,” said the Goodman Report. “The properties are Tier 3 Transit-Oriented Development Area (TOA) designated sites, allowing for rezoning up to a minimum of eight storeys and 3.0 FSR.”
According to the report, Cedar Court Apartments is a well-maintained building, with around half of the suites having been renovated. “Hot water tanks and pumps were replaced in 2024, and the elevator was modernized in 2014.”
Griffiths Manor – which offers “stunning Fraser River views from the top floor” – has had some upgrades such as new breaker panels (2023), hot water tank (2022) and boiler (2016). “All but a few suites have been renovated upon turnover.”
The Goodman Report includes a breakdown of the number of units and average rents of the two buildings: 14 bachelor units (average rent $1,020); 50 one-bedroom units (average rent $1,285); and eight two-bedroom units (average rent $1,647).
