The 11 Olympic Drive project began in 2023 with the acquisition of a 12-unit purpose-built apartment building in Kitchener. Our objective was to reposition the property through strategic capital improvements, modernize the residential units, and create a stronger long-term investment while maintaining occupancy throughout the renovation process.
Using a phased renovation approach, we successfully turned over seven of the twelve units, completing comprehensive interior renovations that modernized the suites and allowed them to achieve market rental rates. In addition to the suite renovations, the project included significant exterior and building-wide capital improvements to extend the life of the asset and improve its overall condition.
Major capital upgrades included roof improvements, brick restoration and masonry repairs, along with various exterior enhancements that strengthened the building’s long-term durability and curb appeal. These investments not only improved the appearance of the property but also reduced future capital maintenance requirements and enhanced the overall quality of the asset.
The property reached stabilization in 2025, at which time it was successfully refinanced into a long-term CMHC-insured mortgage, securing financing based on the building’s improved operating performance and stabilized rental income.
While the property has been successfully repositioned and stabilized, we continue to invest in ongoing capital improvements as opportunities arise, ensuring the building remains well maintained and continues to provide quality housing for its residents.
11 Olympic Drive reflects our long-term investment philosophy of acquiring well-located multi-residential assets, implementing strategic renovations and capital improvements, increasing operational performance, and creating lasting value through disciplined asset management and long-term ownership.
