Opportunity identified
Realstar secured a 199-unit, off-market value-add opportunity in the heart of downtown Vancouver - a rental community within walking distance of the Central Business District, Robson Street, Davie Village, and Yaletown.
Units
199
Location
Downtown Vancouver
Deal Type
Value-Add
Strategy
Value-add acquisitions earn premium risk-adjusted returns, enhanced by Realstar's portfolio-level purchasing power on capital-intensive deals and proactive maintenance that reduces costly reactive repairs on older assets like Wesley Place.
The plan included extensive common area renovations, including a new lobby, corridors, refurbished terrace, gym, and social room, alongside an in-suite renovation program tailored to Vancouver tastes, featuring open-concept layouts, new flooring and premium cabinetry.
Execution
Realstar's BC team drew on extensive renovation experience to minimize downtime per suite and keep capex programs on budget and schedule, adapting pricing and renovation scope in response to weaker Covid-era market conditions.
In Vancouver's fast-paced rental market, Realstar's operating platform keeps vacant units rent-ready for fast turnaround, backed by responsive, friendly 24/7 on-site management. ESG initiatives include EV charging stations and a make-up air project.