Canada Residential Value-Add (Multifamily)
AIRE INVEST Residential Value-Add REITZero percent management fees, as usual.
Open to Investors
- Target Investor Return
- 14% per annum
- Timeline
- Perpetual
- Minimum Investment
- $10,000
- Funds Accepted
- Cash and registered funds including RRSP, TFSA, LIRA through Olympia Trust
- Eligibility
- Accredited and eligible investors (accredited investors only in Quebec)
Target return is net of all costs and performance economics, is a target only, and is not a guarantee of future results. Offered pursuant to offering documents through registered dealers.
Manufactured Returns, Not Market Bets
Most real-estate strategies are, underneath the brochure, a bet that markets go up. Ours is not. We buy apartment buildings where the rents in place sit below the market around them, where capital has been underinvested, and where disciplined renovation and management can close the gap. That gap is closed by work, unit by unit, door by door. It does not require rising markets, falling interest rates, or a strong economy, and we deliberately assume none of those. If the broader environment improves, it helps. If it does not, the strategy was designed for exactly that.
Value-Add to Core
We acquire unpolished apartment buildings, improve them, and then hold them as stabilized, income-producing properties. The renovation phase manufactures the value; the long hold compounds it. We think of it as manufacturing core multifamily at a discount, rather than paying core prices for someone else’s finished work.
Below Replacement Cost, Always
We aim to buy below what it would cost to construct the same apartment building today. This does two things. It builds in a margin of safety. And it protects us from competition, because at today’s land, construction, and financing costs, new rental supply cannot be delivered at rents that compete with ours. The competition is uneconomic to build.
Conservative, Government-Insured Financing
Canadian multifamily housing has access to mortgage insurance through CMHC, a federal Crown corporation, including programs that reward affordability, energy efficiency, and accessibility improvements with long amortizations and favourable terms. Our renovation programs are designed to earn those terms. The result is financing with lower cost and longer amortization than most real estate anywhere can access, and it is one of the structural reasons this strategy generates cash flow from early in its life.
Permanent Capital
We have no fund expiry and no forced exits. Selling apartment buildings is expensive: land transfer taxes, commissions, financing churn. Most funds are forced to pay those costs on a timeline set by their own structure rather than by the market. We sell when there is a reason to sell, and otherwise we let well-bought buildings compound. Deferred taxes compound inside the fund instead of leaking out of it.
Where We Buy Multifamily
We focus on Canadian markets selected for cash-flow fundamentals rather than headlines: Western Canada and the Prairies, Montreal, and selectively Atlantic Canada. We weigh positive leverage, access to CMHC-insured financing, population and employment fundamentals, the depth of older apartment stock, market liquidity, and, critically, each province’s rent-regulation regime, because our strategy depends on the freedom to bring rents to market as units turn over. We do not invest in Toronto or Vancouver, where prices remain detached from the cash flows underneath them.
What We Avoid
Speculative land. Development for its own sake. Headline yields funded by new subscriptions. Top-of-market trophy assets whose performance depends on everything going right. Our preference, everywhere, is the unglamorous building with resilient demand: housing people need, at rents they can afford, in places their jobs are.