The Best Advertising is a Good Product
The Legion Gardens at 12127 – 224th Street and the Legion Manor at 22408 121st Avenue are tangible proof of the success of well managed building projects:
- Designed, contracted and built by the Legion
- Marketed by the Legion
- 100% occupied
From concept to finish, these apartments were a runaway success story.
Let’s start at the beginning and explain the Life Lease concept and the project marketing plan.
What is a Life Lease?
Simply put, a Life Lease is a residential agreement involving an entry fee which affords the resident security and ownership of an apartment for as long as needed or wanted. The lease may be terminated and the value refunded. In the event of death, the Life Lease value is refunded to the estate. The entry fee value of the Life Lease is very reasonable, typically 30%-40% below the local market for similar homes. There is no real estate fees upon entering or leaving.
Where is the Legion Manor?
The building is located on the east side of 224th Street between Brown Avenue and 121st Avenue, directly across the street from the Legion and only one, level block from downtown Maple Ridge, close to shopping. banking and transportation.
What are the designs of the buildings?
Each building consists of four floors and include full underground parking for every resident.. The exterior is a mix of river rock, vinyl siding and brick in three distinct sections.
How large are the projects?
The entire site is comprised of 1.1 acres of prime real estate. The project provides 84 condos, 79 two bedroom homes and 5 one bedrooms, most with dens.
How large are the apartments?
The suites average a floor area of 1,000 square feet and are fashioned following the most sought-after styles. Specifically designed for convenience and comfort.
The facilities have been carefully planned from past experience and provides features that are important to today’s senior. For example:
- 18 cubic ft. fridge
- self-cleaning oven
- functional gas fireplace
- balconies and sundecks
- in suite laundry rooms
- extra storage locker in basement
- grab bars and one piece fiberglass tubs.
- levers instead of knobs on most doors and plumbing fixtures
- lighting over kitchen sinks and stoves
- pre-wired for your own ceiling fan in living room area
- double stainless sinks
- kitchen islands in some suites
- solid wood cabinetry in kitchen and bathroom
- every room has ceiling water sprinklers for fire safety
- tiled kitchen back-splash
- vaulted ceilings on fourth floor suites
- raised panel doors and closet bi-fold doors
- wood baseboards
- 2″ vertical blinds
- cable and telephone outlets in 3 locations
- metal front door with peephole and deadbolt lock
- security camera at entrance to permit you to view guests
- nightly exterior security patrols
- “Seniors Only” residents – residents must be 55 years of age
- First floor suites enjoy provisions for alarm systems and larger patios
Is there a monthly fee?
Yes, there is a monthly fee, common to apartment projects, to cover operating costs such as building maintenance, insurance, landscaping, utilities, janitor, caretaker, security personnel, domestic hot water, fireplace gas and garbage removal. Your monthly fee also includes cablevision, negotiated with Shaw Cable at a bulk rate, saving you about 40% over single residential rates. Also included is the Legion management fee. no need to form a strata council. Your only additional overhead is your telephone and electricity bill. Fees are presently $230. per month. Secured underground parking is $15 extra per month.
What are my taxes?
Because this is your principal residence, you are eligible for the Provincial Homeowners Grant. Substantial savings are also realized because the municipality sends one tax bill to the Legion and not 84 individual tax bills to each tenant. Believe it or not, net annual property taxes will be in the $450.-$550 range. Compare this to what you are currently paying, quite a savings, isn’t it?
What about price?
The entry fees are based on market, usually 30% below similar real estate product , and range from $130,000 to $155,000. The fee is fully refunded within 90 days after you give notice to leave . You simply cannot buy anywhere for a less price this close to town. These prices result in seniors spending less of their savings on shelter and freeing up more cash for retirement activities and necessities.
Why are the apartments so inexpensive when compared to other projects?
The Maple Ridge Legion is a non-profit community organization and strives to provide affordable housing at reasonable cost. This is accomplished in a number of unique, proven methods:
- the Legion was the developer, no developer profit
- the Legion was the general contractor and has a solid handle on all costs associated with the project.
- the Legion does all the marketing, no real estate commissions
- the Legion handles all of the documentation, no lawyers fees
- the Legion has the ability to attract private financing, less loan interest and lender fees.
- we have the benefit of development experience and a proven track record.
What is the schedule for payment of entry fees?
$5,000 refundable deposit made by bank draft or money order is required within 24 hours of your decision to lease.
The balance is due and payable within 2 weeks of the date your deposit is received. Suites will continue to be shown to perspective tenants until the balance has been paid.
Application forms for residency are available – on this website or at the Legion office, 12101 – 224th Street, Maple Ridge or telephone us at 604-463-5101 for further information.
PLEASE SEE THE IMPORTANT INFORMATION ON THE LIFE LEASE APPLICANT revised waiting list info changed June 2015