RENX: B.C. apartment investment market is breaking records

[vc_row][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text] Featured on the Real Estate News Exchange (RENX)   Total sales volume for apartment buildings throughout Greater Vancouver and Greater Victoria in the first six months of this year has already far surpassed the yearly average and shows no signs of slowing. “We’ve always been around from $1.2 to $1.4 billion and, halfway through this year, we’re almost at $2 billion,” Lance Coulson, executive vice-president of CBRE’s National Apartment Group for British Columbia, told RENX. “We could potentially hit $3 billion by the time we end the year.” Coulson was one of the CBRE executives who compiled a mid-year report which shows there were 97 transactions comprising 4,412 units and valued at $1.92 billion through June. That compares to 84 deals for $1.12 billion for all of 2020 and 98 transactions for $1.2 billion throughout 2019. There are a number of factors contributing to the current market activity, according to the report. Continue reading the article here[/vc_column_text][/vc_column][/vc_row]
October 19, 2021

Vancouver Sun: Two Ontario-based real estate investment trusts announced their $292.5 million purchase of 15 rental apartment buildings

[vc_row][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text] Featured on Vancouver Sun   Two Ontario-based real estate investment trusts announced their $292.5 million purchase of 15 rental apartment buildings in Vancouver’s West End, South Granville, West Point Grey, Kitsilano and Marpole areas. Ottawa’s InterRent REIT and Toronto’s Crestpoint REIT said in a news release that they’re under contract to buy the portfolio of older rental buildings, which include a total of 614 units. The companies expect the sale to close Jan. 28, 2021. The deal comes as commercial brokers have said that real estate investment trusts, and other financial companies that make investments so they can pay shareholders, are increasingly interested in buying rental apartment buildings in Vancouver and B.C., and there is an accelerating trend away from mom-and-pop or larger, family run company landlords. Continue reading the article here[/vc_column_text][/vc_column][/vc_row]
October 19, 2021

VIDEO: CBRE Vancouver Market Outlook – Multi-Family Update

[vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_video link="" align="center"][/vc_column][vc_column width="1/6"][/vc_column][/vc_row][vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_column_text]Multi-Family Market Overview I was pleased to participate and provide an overview of the Multi-Family Market at our annual Vancouver Market Outlook (virtual) event. 2020 has been a challenging year for Commercial Real Estate, however, one of the real bright spots has been multi-family properties and how resilient their cash flows have proven to be throughout the course of the Pandemic despite concerns regarding rent collection and new government regulations. Both private and institutional investors have taken notice and are looking at multi-family as a reliable defensive asset class with many currently canvasing the market for opportunities. Pricing for rental properties has now largely returned to pre-COVID levels and with insulated fundamentals and cheap debt the sector is very strongly positioned going into 2021. If you missed the market outlook event, click here to watch the full webinar. [/vc_column_text][/vc_column][vc_column width="1/6"][/vc_column][/vc_row]
November 20, 2020

First National Commercial Real Estate Podcast

[vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_single_image image="3989" img_size="full"][/vc_column][vc_column width="1/6"][/vc_column][/vc_row][vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_column_text]I recently had the exciting opportunity to participate on First National's Real Estate Podcast on June 16, 2020 with Aaron Cameron and Adam Powadiuk. Some of the topics we discussed include: What was transpiring in Vancouver’s real estate market in 2019 Decoupling of income and rent levels Current required price/rent for purpose-built to make sense Valuations during COVID-19 and where they are headed The strata wind-up strategy How clients are adapting to a changing insurance world What Lance sees happening over the next 60 to 120 days Lance’s rent forecasts Potential first-time home buyers in Vancouver being forced to rent New builds versus old stock The sub-market in Vancouver that Lance would invest in The bright future for Vancouver [/vc_column_text][vc_btn title="Listen to the Full Podcast" color="green" size="lg" align="center" link="||target:%20_blank|"][/vc_column][vc_column width="1/6"][/vc_column][/vc_row]
June 19, 2020

Real Estate Marketing in a Physically Distant World

[vc_row disable_element="yes"][vc_column][vc_column_text][/vc_column_text][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text] Adapting to the New Normal Physical distancing has become an essential component of preventative measures amidst the COVID-19 crisis, and will continue to impact our daily lives and how we conduct business for the near future. As we adapt to this new normal, our team is prepared to assist you with your long-term investment goals while keeping your health and safety in mind. Going forward, we aim to provide you with a wide variety of digital resources in order to help you make informed investment decisions. Some of the marketing tools we will be utilizing include: Property Video tours Click-Through Tours (Matterport 3D) Zoom tours 3D renderings/Animation Floor plans Virtual staging and renovations All marketing materials will be made available on a property-specific web page. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space height="15px"][vc_column_text] Digital Marketing & Sales Process [/vc_column_text][vc_column_text][/vc_column_text][vc_empty_space height="25px"][vc_column_text] Below you'll find detailed descriptions of each of these marketing initiatives, as well as our health & safety plan for conducting private in-person tours when the time is appropriate. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/2"][vc_empty_space][vc_column_text] Virtual Tours In an effort to minimize the number of in-person tours, virtual tours are the next best alternative. We'll be utilizing best-in-class technology and tools, including: Property Videos: Property videos capture the essence of a property within a short 2-3 minute time frame; allowing you to view exterior and interior features, common areas, and location highlights. When captured correctly to showcase proper dimensions and suite features, property videos can tell an all encompassing story of a property. Click here to see an example. Cick-through Tours (Matterport 3D): Matterport is a powerful 3D platform that can turn a space into an accurate and immersive digital tour. This technology enables you to "click-through" and essentially walk through a property at your own speed and view the space from multiple angles. Click here to see an example. Live video tours with your agent using Zoom/FaceTime: we'll arrange a time for the agent to head on-site to the property and walk you through the building while you view it from the comfort of your own home.[/vc_column_text][/vc_column][vc_column width="1/2"][vc_empty_space height="15px"][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space height="15px"][/vc_column][/vc_row][vc_row][vc_column width="1/2"][vc_empty_space][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_empty_space height="15px"][vc_column_text] 3D Renderings/Animation 3D renderings help bring concepts to life through conceptual renderings and visual effects/animation. This option is ideal for properties that are currently under development, or for future land development sites to show what can be built on the site. CBRE Build: Technicians work closely with Developers and Architects to build a virtual 3D model that turns sketches, photos, floor plans, and CAD plans into video-game like 3D rendered spaces that are easy to explore. Click here to see an example. Animation/VFX:  A number of Creative Marketing Studios utilize high-end animation and VFX programs to build 3D environments based on floor plans, architectural drawings, and/or massing plans. Our team has outsourced 3D renderings in the past to showcase potential developments, which were built-out using massing plans created by an Architectural firm. Click the image to the left to view an example 3D rendering video.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space height="15px"][/vc_column][/vc_row][vc_row][vc_column width="1/2"][vc_empty_space][vc_column_text] Floor Plans Floor plans are an excellent addition to any property marketing package, as they provide an accurate property overview, specifically where all units and common areas are located, how the space is configured, the property's square footage, and individual unit sizes. More often than not, a property owner will have building plans available. In other cases, a professional may be commissioned to measure the entire building. For an example of a recently measured building floor plan, please click the image to the right. Going forward, we will ensure floor plans are available at the onset of an offerings marketing process to complement the property video tours and photography.[/vc_column_text][/vc_column][vc_column width="1/2"][vc_empty_space height="30px"][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space height="15px"][/vc_column][/vc_row][vc_row][vc_column width="1/2"][vc_empty_space height="10px"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_empty_space height="15px"][vc_column_text] Photography Virtual Staging & Renovations Photography and physical tours have always been a regular part of the property marketing process and has typically been well-received by existing tenants prior to COVID-19. However, for the purposes of everyone's health and safety, our aim is to photograph and tour through vacant suites for the immediate future. While photos of vacant suites can provide a general idea of suite size and layout, they don't quite paint the entire picture in the same way that a furnished photo would. Virtually staged photos allow us to showcase a suite at its highest potential and provide better context on the layout. Additionally, certain properties require upgrades and/or suite renovations. Particularly aging buildings or those that are not achieving their highest rent potential. Virtually renovated photos are an excellent tool to demonstrate how a current space can be improved and assists prospective buyers in conceptualizing the potential of a renovated suite. Click the image to the left to see examples of both virtually staged photos and virtually renovated suites.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space height="15px"][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][vc_column_text] Physical Building Tours: Health & Safety Protocols Before conducting any in-person tours, we will be pre-qualifying prospective purchasers more stringently, ensuring they've viewed all marketing materials and have the appropriate financing in-place. When a high level of interest is determined, we will be prepared to tour the building safely. During any in-person tours, we will ensure the following: Personnel Limits: Only 1 person per interested buying group will be allowed to tour the building at a time; Physical Distancing: Mandatory distancing protocols of 2 meters apart between the agent, interested party, and building manager; Tour Coverage: We will tour common areas, view integral building components (i.e. roof, mechanical room, etc) and if possible, vacant suites only. If no vacant suites are available, we will prepare tenants well in-advance and ensure them of the safety precautions that will be taken during the tour; Personal protective equipment (PPE): PPE will be mandatory for both the agent and the prospective purchaser, including the use of masks, gloves, and hand sanitizer. If you do not have any PPE, you will be required to notify your agent in advance so that he/she may provide you with the appropriate gear or make arrangements; No-touch viewings: All internal suite entrances/doors and in-suite storage/closet units (if applicable) will be left open prior to entry. We understand the importance of physical property tours prior to making any purchase decisions and will ensure we conduct them with everyone's safety as our top priority. What About When I'm Prepared To Make an Offer? When an interested buyer is prepared to make an offer, we will be able to do so digitally by utilizing the appropriate software to prepare contracts, make changes, and gather signatures (via DocuSign for example). While there has been a lot of changes over the last 2 months as a result of the COVID-19 pandemic, our Apartment Sales team has been working diligently to adapt and to be of service to all our clients and friends in the industry. Within the last month we have been successful in putting multiple apartment deals under contract, firming up a significant land sale, and just recently we launched a new listing in New Westminster using a number of the marketing initiatives referenced above. We are starting to see a positive resurgence in the multi-family market and we're looking forward to seeing this increasing momentum continue forward throughout the coming year. In the meantime, stay healthy and well. We look forward to working with you soon![/vc_column_text][vc_empty_space height="30px"][/vc_column][/vc_row]
April 29, 2020

Multi-family rentals remain a safe, strong harbour

[vc_row][vc_column width="1/2"][vc_single_image image="3601" img_size="full"][/vc_column][vc_column width="1/2"][vc_column_text] Multi-family rentals remain a safe, strong harbour   Commercial real estate investors recognize the inherent value in multi-family rental apartment buildings Despite polarizing policies such as the foreign-home buyers tax increase, higher property taxes and caps on rental increases, the Metro Vancouver and Greater Victoria multi-family rental markets are performing surprisingly well. The two markets finished 2019 at $1.2 billion in total sales, with most of the action in the second half of the year. With positive net migration estimated at 45,000 annually, a rapidly growing tech workforce, apartment vacancy rates in the 1 per cent range and consistently higher home prices, rental apartment buildings will remain one of the safest and strongest performing commercial real asset classes in 2020 in both Vancouver and Victoria. Capitalization rates: With a lack of land and growing competition, capitalization rates for quality multi-family assets will remain in the 2.5 per cent and 3 per cent range. For larger assets with high-equity requirements or assets that require substantial capital upgrades, cap rates may experience a slight uptick. Cap rates will be lowest within the urban core. New purpose-built rental apartment buildings: With supportive government initiatives, attractive financing, accretive returns and a weakened condo market, private developers are increasingly shifting towards purpose-built rentals. Approximately 7,000 units.....continued at the link below Continue reading the article here [/vc_column_text][/vc_column][/vc_row]
March 30, 2020

RENX: Starlight continues to expand Vancouver apt. portfolio

[vc_row][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text] Featured on the Real Estate News Exchange (RENX)   Toronto-based Starlight Investments has purchased two Vancouver-area rental apartment buildings as it continues to scale up its West Coast holdings. The deal, brokered by CBRE, was worth $43.5 million and saw Starlight buy a 40-unit concrete building at 1629 Haro St. in Vancouver’s West End. That deal was the first concrete apartment building sale in the City of Vancouver during 2019, according to brokers CBRE. The second component of the transaction is a 113-unit wood-framed low-rise building at 720 Queens Ave. in the Vancouver suburb of New Westminster. Lance Coulson, an executive vice-president with CBRE, represented the seller — a local family which had owned the properties for years. Concrete high-rise rental apartment buildings are a rarity in Vancouver where most apartments are low-rise wood structures, Coulson said. “They don’t come up that often,” Coulson said. “The company is getting scale in Vancouver with these acquisitions, as well as operational and management efficiencies. There’s a lot of value in what they’re accumulating right now.” Continue reading the article here[/vc_column_text][/vc_column][/vc_row]
January 21, 2020

Featured in Landlord BC: The Multi-Family Investment Market

[vc_row][vc_column width="1/2"][vc_empty_space][vc_column_text] After a slow first half of 2019, investors’ interest and sales activity for multi-family buildings throughout Metro Vancouver and Greater Victoria appears to be bouncing back as a result of extremely attractive interest rates, clarity in governmental policies, lack of supply, and rising rental rates across the region. In 2018, total apartment sales reached a total of approximately $1.4 billion in the Vancouver region. However, for the first half of 2019, apartment transactions have totaled just over $400 million with approximately 41 rental buildings being sold between January and June 2019, which is an indication that we are off pace to match the 110 rental apartment sales that completed overall in 2018. Some of the main factors that contributed to the slowdown in market activity in the first half of 2019 were: Click here to read the full article Checkout the full magazine here[/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][/vc_row]
October 23, 2019

The Sales Process for New Purpose-Built Rental Apartment Buildings

[vc_row][vc_column width="1/2"][vc_column_text]Extending beyond the traditional low-rise apartments built between the 1960s – 1980s, our team has transacted several newly-constructed purpose-built rental apartment buildings throughout the Lower Mainland & Greater Victoria markets. The recent softening of the condo market combined with growing demand from institutional investors has contributed to more and more developers considering building purpose-built rental buildings as a less risky, but still profitable alternative. Large institutional companies and REITS are often not concerned by high per-door prices in Metro Vancouver for new rental projects, or by Canada's slim capitalization rates that are often below 3%. Most recently, our team transacted two brand new purpose-built rental apartment buildings in Langley: The 98-Suite Point Apartments for $39 Million, and the 90-Suite Meridian Apartments for $33 Million, both of which were sold to CAPREIT. Check out our video to learn more about the sales process behind these two properties or review our brochure to learn more![/vc_column_text][vc_btn title="Learn More About New Purpose-Built Rental Transactions" color="primary" link="||target:%20_blank|"][/vc_column][vc_column width="1/2"][vc_column_text][/vc_column_text][vc_column_text]Check Out Our Recent News Features: Western Investor: Residential REITS - Hungry, Active & Leading the Pack Vancouver Sun: Rental Apartment Investment Investment Bouncing Back[/vc_column_text][/vc_column][/vc_row]
September 12, 2019

Vancouver Sun: Commercial Real Estate – Rental apartment investment bouncing back

[vc_row][vc_column width="1/2"][vc_column_text]Investors’ appetite to buy rental apartments in the Vancouver region appears to be bouncing back after a first-half to 2019 that saw many buyers waiting on the sidelines amid uncertainty in the market, one brokerage house says. Demand for apartment buildings in the region has been down in 2019, said Lance Coulson, an executive vice-president with CBRE in Vancouver. He said provincial and municipal policy interventions aimed at improving renters’ rights and tamping down renovictions had pushed some potential buyers to the sidelines. “There were a lot of things going on in the market that created some uncertainty,” said Coulson, whose firm recently released its national multifamily overview report. “A number of investors were on the sidelines … wanting to see what 2019 was going to bring.” Continue reading the full article below. Read The Full Article Here [/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][/vc_row]
September 10, 2019