The acquisition
In collaboration with our long-term partners in the multifamily investment sector, BST Canada acquired a 200-unit apartment building in 2021. The property was in poor condition, with many outdated units and unfinished work left by the previous owner. This state of disrepair hindered the building from achieving its full potential within the community.
Through rigorous analysis, we identified the property’s lucrative possibilities. We devised a renovation plan tailored to the area’s demand and tenant profile, and proceeded to enhance the building’s stature, providing residents with better homes.
The renovation project
The project encompassed a complete renovation of both the interior and exterior. Externally, this involved replacing all balcony slabs and installing new, modern glass railings. The parking lot received new asphalt and freshly painted lines. Internally, common areas and hallways were fully renovated, along with every unit from ceiling to floor. Energy-saving initiatives were implemented, and new on-site amenities were added, including a laundry room, additional private parking areas, a secure bike storage facility, and a fitness center.
The result
Upon completing our work, the Maebrook Reve emerged as a revitalized and highly sought-after apartment building in the neighborhood. With its modernized appearance, appealing amenities, and high energy efficiency, rents were adjusted to fair market value. The units attracted excellent tenants, including many young professionals and local students.
