College Plaza III is a 21-unit multi-family building located 2 blocks from NAIT (Northern Alberta Institute of Technology). We purchased the property in 2012, primarily as a cashflow asset to lay some of the financial groundwork for the portfolio.
The building was is good condition when purchased structurally. But there was no professional property management in place. Consequently, the tenant profile in the building was a challenge, with two tenants actively dealing drugs from their units and several tenants not paying rent. The first few months of the project required a rapid turn-around that involved a full renovation of 15 of the 21 suites and repopulating the building with tenants who would make good neighbours.