REALNET® TOp 10 YTD* ApARTmENT TRANSAcTIONS IN ThE GTA, GcA AND

Annual 2014 / Issue 10
REALNET®
Top 10 YTD*
Apartment
Transactions
in the GTA,
GCA and GVA
Top Transaction
Report by Market
PP 08-09
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February 10, 2015 – Palais des congrès de Montréal
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04
Wise Dollars Steady Growth
12
Old Stock New Opportunities
14
View from a
Third-Generation
Investor
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Ontario
Toronto
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416 815 2332
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National Reach
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London
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519 286 2013
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Martin Cote*
Quebec
Montreal
Benoit Poulin
514 905 2142
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Nico Zentil*
Manitoba
Alberta
Montreal
Winnipeg
514 906 0891
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204 943 5700
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Ottawa
Kevin W. MacDougall*
Trevor Clay
613 788 2708
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Calgary
Grant Potter
403 750 0528
[email protected]
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$8.0 billion sold.
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Edmonton
Bradley Gingerich
780 917 4626
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Edmonton
780 229 4689
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780 229 4691
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Cody Nelson
British Columbia
Vancouver
David Ho
604 662 5168
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Paul Chaput
Edmonton
Bradyn Arth
780 917 4649
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Nova Scotia
Vancouver
Halifax
604 662 5141
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902 492 2085
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Chris Carter
Halifax
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902 492 2065
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CONTENTS
03 Message from the 2014
Canadian Apartment
Investment Conference
Co-Chairs
04 Wise Dollars,
Steady Growth
06 Immigration and
Urbanization
Increase Rentals
10 The Retrofit Opportunity
06 New Ways to Build New
08
REALNET Top 10 YTD
Apartment Transactions
in the GTA, GCA and GVA
®
*
A Message from the 2014
Canadian Apartment Investment
Conference Co-Chairs
Many investors consider the multiresidential asset class to be a safe haven.
Like all markets, though, it has its quirks
and unexpected turns.
Steven Gross,
Managing Partner, Real Estate
Investments Romspen
Investment Corporation
Sandy Mandel,
President, Sanford Mandel &
Associates Inc.
Demographics have supported the
rental industry over the past ten years,
particularly with the echo-boom generation
bolstering demand. As the millennials
advance into the next phases of their
lives, it remains to be seen what living
choices they will make and if they will
have the means or the inclination to rent
apartments. Could a bigger opportunity
come from the older-boomer/empty-nester
generation? While a lifelong homeownership mentality will be a challenge,
leading edge operators will have to figure
out how to target their marketing and
educate this rapidly growing cohort about
the financial and lifestyle advantages of
renting versus ownership.
On the ownership side, there’s no
ignoring the industry’s growing number
of institutional players. Yet the old-school
and up-and-coming private investors
12 Old Stock, New
Opportunities
14 View from a
Third-Generation Investor
continue to be a force. While some private
owners are more in tune than others when
it comes to elevating their game, the
institutionalization of this asset class has
put pressure on all to keep pace.
On the investment side, as always, there is
never enough product to acquire. Investors
are looking at building, intensification
or pure development sites, as a means
toward growing best-in-class portfolios.
Others are exploring adding value by
modernizing, repositioning or converting
suites. Is consolidation on the horizon?
What will drive value next? If cap rates
can only go so low, the focus will shift
to operations and NOI. However, since
much of the low hanging fruit has been
harvested, many building owners have
streamlined operations, retrofitted and
upgraded building systems, implemented
management best-practices and become
savvy marketers. One has to ask where are
the next opportunities?
One thing upon which we can all agree on
is that multi-residential properties are small
communities, intrinsically exciting and
constantly changing as a result of dynamic
internal and external factors.
¡­
Steven Gross and Sandy Mandel
Editor & Designer
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©2014 Informa Canada Inc. Disclaimer: The views, opinions, positions or strategies expressed by the authors and those providing comments
are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of Informa Canada.
3
CAPREIT - The Marker
Wise dollars
- steady
growth
Tom Schwartz,
President and CEO, CAPREIT
Tom Schwartz is often asked
what was the magic that
created CAPREIT, one of the
Canada’s most successful
real estate investment trusts.
The company’s President and
CEO speaks with a calm that
baffles the sceptics, and a
confidence that comes with
4
building a large company through years
of strategic, low risk investments. Tom
summarizes CAPREIT’s success this way:
“We’ve got tremendous low cost of capital,
tremendous economies of scale, and we
can take advantage of those economies.”
A landlord committed to its tenants,
CAPREIT is also environmentally
progressive and finding new success
thanks to its energy management
programs. And, in a move that’s arousing
much interest in the market, the company
recently sponsored a REIT in Ireland.
CAPREIT originated during the recession,
when Schwartz couldn’t get financing as a
developer. “The original REITs all came out
of that period,” he says. “We were all little
guys at a time when the big companies all
came down because of their very heavy
debt loads, even though their real estate
was the best in the world. We were the
evolution, the newcomers with the much
more conservative capital structure.”
Tom will never forget the lessons of that
time. Today, a career based on carefully
planned decisions allows him to calmly
face what some see as challenges.
Competition from the condo market? The
wide price gap has made apartments
more obviously affordable and had a
positive impact on CAPREIT. Predictions of
another recession? “We generally benefit
in a recession,” Schwartz says. “People
stay in the rentals longer and don’t jump
into home ownership.”
Nor is he too concerned about competition
from pension funds. In his experience,
while the players keep changing, multifamily has always been competitive and
always will be. “Apartments are a great
investment, an easy entry business. Five
doctors can get together and buy an
apartment building on a weekend.”
¡­
Michelle Morra-Carlisle
Canadian Apartment Investment Report / September 2014
Immigration
and
urbanization
increase
rentals
Benjamin Tal,
Deputy Chief Economist,
CIBC World Markets Inc.
New Ways to
Build New
David Bloomstone,
Director, TD Securities Inc.
Let’s face it, the 40 to
50-year-old buildings in the
traditional rental market now
offer limited supply and bring
major cap-ex to prospective
investors. That is why for the
first time in a long while, many
large institutional pension
funds are considering new
construction of not only
condos but purpose-built
rental projects too.
David adds, of course there
are other alternatives to
6
“Young people are gravitating to
downtown cities now more than ten or
fifteen years ago and immigration will
continue to be a major demand driver for
condos and apartments,” says Benjamin
Tal, CIBC World Markets Deputy Chief
Economist.
“We are more sensitive to the risk of
higher interest rates than any other time
in history, but they need to start rising,
probably in May 2015,” said Tal. “The
actual increase will be moderate and it
will take time, so the impact will not be
immediate.”
“Not only will the demand for condos
and apartments continue to rise, but the
propensity to rent will be higher than
ever before.”
Meanwhile, Tal advises as the global
economy improves, exports and
investment can compensate for
lackluster domestic spending and
building activity. To encourage exports,
however, the Bank of Canada must
weaken the dollar by keeping interest
rates low.
Current economic factors also benefit
the market. A high level of household
debt means limited growth in consumer
spending and a significant lack of supply
in new housing and the resale market. In
this situation, the apartment and condo
market plays an important stabilizing
force that might be disrupted if interest
rates rise.
buying old buildings. In another recent
trend, investors that don’t necessarily
have deep pockets are building on
excess land on their existing sites, where
the land is effectively free.
In the GTA, highrise concrete buildings
with numerous amenities are successfully
rivalling the condo market. David
Bloomstone, Director of TD Securities
Inc., is seeing this type of activity among
his clients in high-end locations such as
Forest Hill, for example, as well as in the
downtown core. “But you can also build
in the Ontario market at a cheaper cost
and still make the numbers make sense,”
he says, “in the secondary markets like
Kitchener and London where they’re
constructing low-rise ‘stick built’ types
of buildings, or in some cases slightly
higher-rise wood frame projects.”
It goes without saying that markets
out West with strong employment
and growth have taken off in recent
years. In terms of purpose-built multiresidential construction, thousands of
units are being built in Calgary and
Edmonton. Canada’s East Coast is also
experiencing a similar phenomenon
The circle means that we are likely to see
“low interest rates for a long time.”
¡­
Tracey Arial
thanks to jobs created by the Irving
Shipbuilding contract.
If developers have anything to worry
about in the upcoming year, it’s likely
either the possibility of an interest rate
hike or rising construction costs. “Of
course,” Bloomstone says, “higher
interest rates come on the heels of
improving the economy with inflation,
which can help your rents at the end of
the day.”
¡­
Michelle Morra-Carlisle
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Canadian Apartment Investment Report / September 2014
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Peoples’ Trust Ad - Middle & CAIC Onsite Insert
REALNET® Top 10 YTD* Apartment
Transactions in the GTA, GCA and GVA
Rank
Municipality
Address
Total Price
# of Units
Cap Rate
Purchaser
Broker(s)
1
Markham
7411 Yonge St.
$71,250,000
380
5.0%
Starlight Investments Ltd.
D Montressor, CBRE Limited
2
Toronto
295 Dufferin St.
$45,000,000
200
4.3%
Starlight Investments Ltd.
D Montressor, CBRE Limited
3
Milton
611 Farmstead Dr.
$38,500,000
104
4.3%
Regal Lifestyles
4
Toronto
230 Oak St.
$38,000,000
327
5
Aurora
145 Wellington St. W.
$34,750,000
204
5.6%
Akelius Fastigheter AB
D Lieberman, J Hittner, Avison
Young
Starlight Investments Ltd.
D Montressor, CBRE Limited
Seasons Retirement
Communities
6
Clarington
65 Clarington Blvd.
$26,575,000
112
7
York
230 Woolner Ave.
$21,850,000
260
8
Georgina
15 The Queensway S.
$19,127,323
97
9
Toronto
680 Roselawn Ave.
$17,250,000
64
10
Toronto
2663 Lake Shore
Blvd. W.
$14,000,000
112
Municipality
Address
Total Price
# of Units
1
Calgary
120 2nd Ave. S.W.
$17,642,545
129
2
Calgary
1505 23rd Ave. S.W.
$5,900,000
11
Paragon Capital Corporation
Ltd.
3
Canmore
110 Montane Rd.
$4,600,000
20
110 Montane Capital Corp.
4
Calgary
516 18th Ave. S.W.
$3,500,000
11
W. Chan Investments Ltd.
5
Calgary
203 6th Ave. N.E.
$2,480,000
14
Avanti Housing Inc.
6
Calgary
318 14th Ave. S.W.
$2,250,000
18
Mainstreet Equity Corp.
M Fleming, Michael Fleming
Realty Corporation; B Dhillon,
RE/MAX
7
Calgary
810 Drury Ave. N.E.
$1,900,000
11
Rainbow Motor Inn Macklin Ltd.
L Scarcelli, N Libzo, Sutton
Group Canwest Vista; C
Zaharko, Royal LePage Foothills
8
Calgary
1737 26th Ave. S.W.
$1,900,000
12
1807964 Alberta Ltd.
9
Calgary
4503 73rd St. N.W.
$1,900,000
17
Vista Group Inc.
10
Calgary
1537 14th Ave. S.W.
$1,826,000
15
Alston Properties Ltd.
Municipality
Address
Total Price
# of Units
Cap Rate
1
North
Vancouver
151 East Keith Rd.
$25,500,000
88
3.4%
2
Vancouver
6347 West Blvd.
$11,000,000
22
3
Vancouver
1009 West 10th Ave.
$11,000,000
41
4
Abbotsford
2929 Tims St.
$10,300,000
108
5
Vancouver
1075 Nelson St.
$9,000,000
24
6
Vancouver
555 East 6th Ave.
$8,880,000
7
Vancouver
2394 Cornwall Ave.
$8,500,000
20
8
Vancouver
1137 Bute St.
$8,100,000
33
9
North
Vancouver
170 West 4th St.
$7,000,000
36
10
Vancouver
2182 West 39th Ave.
$6,873,500
21
Rank
Rank
5.9%
An individual(s) acting in his/
her own capacity
L Wallace, RE/MAX Unique Inc.
Housing York Inc.
3.3%
O'Shanter Development
Company Ltd.
D Bloomstone, J Ziegel, I
Saksznajder, TD Securities
Royal York Shores (2663) Inc.
Cap Rate
Purchaser
Broker(s)
1159646 Alberta Ltd.
4.0%
P Dave, RE/MAX Complete
Commercial
Purchaser
Broker(s)
Starlight Apartments
D Goodman, M Goodman,
HQ Real Estate Services
West Boulevard Property Ltd.
C Anderson, A Fergusson,
Cushman & Wakefield Ltd.
0992980 B.C. Ltd.
D Schulz, MacDonald Commercial
Mainstreet Equity Corp.
Wall Financial Corp.
D Taylor, Colliers International
Property Consultants Inc.
G & M Enterprises Ltd.
M.A. Cedar Place Properties
Ltd.
J Tang, B Harding, T Harding,
NAI Commercial
1004905 B.C. Ltd.
C Wieser, R Greer, M Hannah,
Avison Young
4.2%
Eduardo Holdings Ltd.
P McEvay, B Goold, RE/MAX Bill
Goold
3.7%
AP Yew Investment Ltd.
B Goold, P McEvay, J Blair,
RE/MAX Bill Goold Realty
2.7%
* Year to Date (YTD) January 1, 2014 - August 25, 2014
8
Canadian Apartment Investment Report / September 2014
Top 10 GTA Apartment Transactions - YTD 2014
Top 10 GCA Apartment Transactions - YTD 2014
Source: RealNet Canada Inc.
Top 10 GVA Apartment Transactions - YTD 2014
Source: RealNet Canada Inc.
Source: RealNet Canada Inc.
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9
The Retrofit
Opportunity
Sarah Gray,
Project Principal,
Halsall Associates
(a Parsons Brinkerhoff company)
Recent safety concerns have
put garage, balcony, elevator
and generator upgrades on
the must-do list says Halsall
Project Principal Sarah Gray.
of code and local property standards?
What are the should-do’s in terms of
maintenance when putting together a
capital plan?”
Owners like to focus on interior upgrades,
window replacement and energy-use
reduction, but Gray often begins her
inspections by documenting visible
deterioration – such as loose concrete on
garage ceilings – that may lead to public
safety risks. Engineers also recommend
opening up interior plaster and drywall
to determine whether structural walls
are made of concrete block or steel
studs behind a brick veneer. The latter
construction was popular in the 70s and
80s, but it can hide interior leaks and
possible water damage, says Gray.
“We want to make sure that water hasn’t
been getting into the wall and corroding
the studs.”
The engineering consultant
helps the owners of older
buildings create multi-year
plans for upgrades, repairs
and maintenance.
After identifying the structure of the
building, Gray inspects elevators,
generators, roofs and balcony railings to
flag potential safety concerns and any
needed repairs. She advises that too often
landlords avoid maintaining these areas.
“What are the major concerns?
What are the must-dos in terms
“I would say that rental property owners
often defer fixing garages and balconies
10
because these things are just not sexy,”
says the Toronto-based engineer. “Repairs
claims are really disruptive to residents;
and owners don’t get immediately visible
returns after these types of jobs are done.”
Gray encourages property owners to
consider basic structural necessities as
opportunities and claims that investments
in these can really pay off. Using a
building with balconies as an example,
she proposes that railings that must be
retrofitted to conform to height and gap
restrictions can benefit from upgrading
the look at the same time. In this instance,
not only is the landlord conforming to
regulations, in modernizing the building
too they can anticipate attracting better
tenants.
“If you’re going to make a balcony
conform, that gives you an opportunity to
add some curb appeal.”
Balconies that are safe combined with
bright tidy garages make tenants feel
good. Happy Tenants = Happy Landlord!
¡­
Tracey Arial
Canadian Apartment Investment Report / September 2014
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Old stock new
Opportunities
Robert Geremia,
President, Boardwalk REIT
After 30 years of strictly
buying and refurbishing
buildings, Boardwalk Real
Estate Investment Trust has
only recently begun to build
and develop properties. The
company saw an opportunity
in some of its multi-family
projects that were built in the mid to late
70s and had a lot of extra density.
resulting in better returns for us as well,”
Geremia says.
“One in particular that we selected
was in Calgary, where we were able
to open up some ground between two
of our buildings and put a building in
between,” says Boardwalk’s President,
Roberto Geremia. The company even
partnered with the government of Alberta
to provide affordable housing within the
new building.
With experience, a real estate company
can also recognize opportunity in
challenges. Sometimes the market
presents obstacles for REITS that, like
Boardwalk, classify themselves as “fixed
income” and must compete against yield
return types of investments.
Meanwhile, giving new life to old
buildings remains an exciting prospect,
especially in Canada where so many
apartment buildings were built 40+
years ago. As the condominium market
accommodates new needs for renters,
rental units are following suit. Party
rooms in older buildings, for example,
are now being retrofitted into gyms.
“The condo upper scale development
is actually forcing us to provide more
common area amenities which are
“In a fixed income kind of market, you’re
not really trading on the underlying
asset value of the portfolio in general,”
Geremia says, adding that in REITs in
general, the actual share price of trading
is well above the implied private market
net asset value of the company. “We’ve
taken advantage of that,” he says.
“We’ve sold some of our projects to the
private market — which will pay much
more than the public market — and are
currently buying back our stock.”
¡­
Michelle Morra-Carlisle
Boardwalk REIT
12
Canadian Apartment Investment Report / September 2014
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401 The West Mall, Suite 1100, Toronto, Ontario (416) 234-8444
View from a third-generation investor
Multi-family real estate has no shortage of buyers.
Even low cap rates are apparently no deterrent to
pension fund, private equity and private investors.
Unlike office, retail and industrial properties that mostly
appeal to institutions, multi-family has long attracted
private buyers.
Mark Zolty,
Managing Director,
Brass Enterprises
Mark Zolty is a third-generation real estate investor who
learned from his father and grandfather. In his teens
he saw multi-family (then called “apartments”) as a
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more personal, mom-and-pop type of
business, but says it became “a lot more
about trading cash flows than actually
buying buildings.” Today Mark is
Managing Director of Brass Enterprises
and works primarily in secondary U.S.
cities in Texas and Southern Florida mostly suburban settings.
There, tenant needs are very different
from those in Canada. “Properties need
to be a lot more highly amenitized,” he
says. “Where people live is much more
of a lifestyle rather than just a place to
put their furniture in and sleep.”
He considers that environment a stark
contrast to Canadian development,
which is largely about condos. “I don’t
think [Canadian] municipalities are
focused on multi-family but on how to
get the quick development dollars,”
he says. “But as soon as you have a
change in development policy you’re
going to see a big change in how
people live in apartments.”
Is a third-gen investor better equipped
to handle risk? Zolty thinks so. Members
of his family have seen various
cycles and learned from each other’s
experiences. “A lot of the newer players
in the multi-family space haven’t seen
the worst of times,” he says. “We have!”
Robert Doumani
[email protected] · 416.865.3060
¡­
Michelle Morra-Carlisle
Tom Halinski
[email protected] · 416.865.7767
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Apartment Group
05
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Management Inc
11
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OBC
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07
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14
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lineup, expertise, network and spirit to take smart risks. Most
importantly, we execute. Quickly. Simply. Responsively. Every time.
recent financings:
cMHc 1st mortgage at
70% of purchase price
High lTV bridge loan to
purchase, reposition & increase
rents before a cMHc takeout
$44.4 million
500 units, multi-res
Ottawa, ON
$8.0 million
71 units, multi-res
Edmonton, AB
cMBS - new Product
conventional 1st mortgage
at 75% of purchase price
$50 million CMBS loans signed
10 yr term
30 yr amortization
$4.0 million
52 units, multi-res
Toronto, ON
VancouVer calgary
firstnational.ca
604.681.5300
800.567.8711
403.509.0900
888.923.9194
ToronTo
416.593.1100
800.465.0039
MonTreal
514.499.8900
888.499.1733
Halifax
902.452.0776
Ontario Mortgage Brokerage License No. 10514