U-Six a great investment near UBC Okanagan

Saturday, January 13th, 2018

Units a fraction of the price of those near UBC in Vancouver

The Vancouver Sun

Students attending university as well as the parents funding them – are often faced with accommodation challenges. Finding housing on campus is difficult and costly, and is only guaranteed for firstyear students.

But for parents who think paying rent for student housing is the only recourse, U-Six demonstrates that this is not the case. The latest addition to the Mission Group’s U-District Community near the University of British Columbia Okanagan campus gives them the ability to turn rent money into home equity and earn an income by renting the condominiums (U-Six has 57 of them) to their children and roommates if desired.

U-Six is an equally strong opportunity for investors to rent to students or locals. “Everyone benefits, whether the buyer is a parent or an investor, and the beauty of U-District here in Kelowna is that students work towards a degree from a world-class university, but the accommodations are just a fraction of the price of those available at UBC in Vancouver,” says JoAnne Adamson, vice-president of marketing and sales for Mission Group.

U-Six by Mission Group Homes Ltd. and designed by Meiklejohn Architects is within easy walking distance of the Okanagan campus. It offers a variety of contemporary, open-concept studios as well as spacious two- and three-bedrooms units. All homes feature full kitchens, in-suite laundry and a bathroom for each bedroom.

As with the other U condominium buildings, Mission Group’s aim was to give students the chance to enjoy the fun, study-oriented feel of living on campus without the dormitory experience. “Plus, U-Six gives them the freedom to choose their roommates,” says Adamson.

Capping all of this off is U-Six’s price. “The studios start from $199,900,” says Adamson. “Two bed, two baths sell from $329,900, and three bed, three baths start from $409,900.”

Affordability was one key reason why Vancouver-based engineer Victor Mao purchased two three-bedroom condos at U-District last year, and he has lost no time renting out both units. “Quite frankly, with rising costs in Vancouver I was worried about how to fund my retirement, but when I read about U-District and did some investigating, I realized this was a great investment in a location that is rapidly evolving.”

Mao is referring to growth in the surrounding areas of the UBC Okanagan Campus. Kelowna is undergoing a massive change, with everything from the Kelowna International Airport to the popular city’s downtown enjoying expansion and upgrading. And with a vacancy rate of just 0.2 percent, investors like Mao are guaranteed to generate income from U-District almost immediately.

Vancouver-based Ajesh Sen purchased a two-bedroom, two-bathroom condo in the U-Three building last August and is currently renting it to two students from China. “While Kelowna was attractive to me, finding out that UBC had a campus there was the deciding factor,” he says. “Given the way real estate has evolved in and around UBC Vancouver, I felt like I was getting into a ground-level opportunity.” Indeed, the 10-year-old campus has already embarked on its second master plan that may see it double in size over the next 15 years.

A computer engineer by trade, Sen was also impressed by the quality of his condo. “It has beautiful, thoughtful details as well as fabulous appliances,” he says. “The people at Mission Group went out of their way to ensure the homes would live up to being long-term investments.”

Sales for U-Six will begin in early February with all of the homes ready in time for the fall academic start of 2019. For more information please check out usixliving.com. U-Six Sales Specialist Wilf Lethbridge is available at 250-718-7072 or [email protected]

© 2018 Postmedia Network Inc.

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