The value-add programs aim to enhance the quality and operation of each of the properties making them more energy efficient, enhancing common areas and the suites, and improving the financial performance of the assets.
In Canada, Greyspring’s portfolio includes 30 buildings in the Greater Montreal Area, with over 1,850 units under management at an estimated asset value of $480 million. In the US, Greyspring manages two garden-style apartment properties with a total of 566 units at an estimated asset value of US$90 million. Last year, over 250 suites across the Canadian portfolio were upgraded as part of our value-add programs, bringing the total number of value-added suites in the portfolio to over 800.
Greyspring Apartments is expected to add an additional 760 units across a portfolio of four buildings that are under contract to close in Q2 2023. Together these new acquisitions will bring Greyspring’s Canadian portfolio to 34 buildings and 2,600+ units with an estimated asset value of $610M. As part of our ongoing strategy, we have successfully sold five properties with a total 700+ units in Montreal, Quebec City and Ottawa-Gatineau.
The Greyspring Apartments team is dedicated to creating long-term value for its investors, tenants, and the communities in which we operate. By acquiring underperforming properties in strong rental markets, we can identify opportunities for growth and improvement. Our team’s extensive experience in real estate development and management allows us to leverage the team’s knowledge and expertise to maximize the potential of each asset.
Along with the latest acquisition, Greyspring has formed its own property management company, GMR Real Estate, that will have property management responsibilities for the 160 units we have more recently acquired and any future acquisitions.
Greybrook is actively evaluating multi-family value-add opportunities in several primary and secondary markets in the U.S. and Canada that meet our investment parameters for this asset class. One of our areas of focus in 2023 will be to provide our investors with new value-add investments that can generate strong returns with ongoing distributions and offer diversification into new markets and this asset class.
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