The 428 Prospect Avenue project began in 2022 with the acquisition of an 8-unit multi-residential property in Kitchener. The objective was to reposition the asset through strategic renovations, increase rental income, and improve the property’s long-term value while creating a more comfortable and efficient living environment for tenants.
Following the acquisition, we implemented a phased value-add renovation strategy that allowed the property to continue operating while units became available. Over the course of the project, six of the eight residential units were fully renovated, including modernized kitchens, bathrooms, flooring, finishes, and other interior improvements. The exterior of the building also received significant upgrades to improve curb appeal and enhance the overall condition of the property.
As part of the redevelopment, we invested in major capital improvements, including the installation of ductless split heating and cooling systems and new hydro services, improving both the efficiency and functionality of the building while increasing its overall market appeal. These upgrades positioned the property competitively within the local rental market and contributed to stronger long-term operating performance.
The property reached full stabilization in 2024, with renovated units achieving market rental rates. Once stabilized, the building was successfully refinanced through a CMHC-insured mortgage, securing long-term financing based on the property’s improved income and value.
428 Prospect Avenue demonstrates our ability to identify underperforming assets, execute strategic capital improvements, increase rental revenue through thoughtful renovations, and create long-term value by repositioning properties into stabilized, CMHC-financed investments. The project further strengthened our experience in executing phased renovations while maintaining occupancy and maximizing the performance of existing multi-residential assets.
