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HAS THE APARTMENT MARKET HAS THE APARTMENT MARKET OUTOUT PERFORMED ALL OTHER REALPERFORMED ALL OTHER REALOUTOUT‐‐PERFORMED ALL OTHER REAL PERFORMED ALL OTHER REAL
ESTATE ASSET CLASSES? ESTATE ASSET CLASSES?
City RankingsCity RankingsRank City
1a Vaughan/King/Richmond Hill
1b Markham
2 Ottawa
Rank City
15 Guelph
16 Kingston
17 Etobicoke and York2 Ottawa
3a Oakville
3b Burlington
3c Milton/Halton Hills
17 Etobicoke and York
18 Brantford
19 London
20 Scarborough
4 Newmarket/Aurora and Area
5 Pickering/Ajax/Whitby/Uxbridge
6 Waterloo (City)
21 North Bay
22 Belleville
23 Oshawa
7 Toronto (Old City and East York)
8 Mississauga
9 Barrie
10 Kitchener
24 Hamilton
25 Sault Ste. Marie
26 Peterborough
27 Thunder Bay10 Kitchener
11 North York
12 Brampton
13 Sudbury
27 Thunder Bay
28 Sarnia
29 St.Catharines
30 Windsor
14 Cambridge 31 Niagara Falls
2011
Canadian Apartment UniverseCanadian Apartment UniverseNumber of Structures (by Total Number of Units)
Metropolitan Areas Under 6 6 ‐ 19 20 ‐ 49 50 ‐ 199 200+ Total
Number of Structures (by Total Number of Units)
Halifax 741 684 289 198 8 1,920
London 839 378 246 217 14 1,694
Calgary 867 944 389 120 20 2,340
Hamilton 499 564 194 222 30 1,509
Winnipeg 326 748 504 213 29 1,820
Ottawa 1,027 1,153 169 229 69 2,647
Edmonton 77 1,347 920 224 21 2,589
Q b 3 371 3 285 567 144 11 7 378Quebec 3,371 3,285 567 144 11 7,378
Vancouver 532 1,540 1,307 532 14 3,925
Toronto 3,053 2,274 1,082 1,306 363 8,078
Montreal 30,008 22,892 2,622 794 96 56,412
TOTAL 49,994 43,667 10,115 4,991 701 109,488
ROCK Benchmark TransactionsROCK Benchmark Transactions266 Condo Units at 100 Wingarden Ct
Scarborough, ON
Property Area:p y266 of 300 units
Date of Purchase: April 2010April 2010
Transaction Highlights & Experience
• 4.5% cap rate
• $18.45M or $69,361/unit
• Large one, two, and three bedroom units
• New roof balconies and elevators• New roof, balconies, and elevators
• Sold By Rock Advisors Inc
ROCK Benchmark TransactionsROCK Benchmark TransactionsCherryhill Portfolio
London, ON
Property Area:
2,336 units
Date of Purchase:Date of Purchase:March 2011
Transaction Highlights & Experience
• Multiple Building portfolio including 13 apartment buildings, medical building, and shopping centre
• Portfolio maintained by original owner until time of sale
• Unique sale – totally tenant focused
• Sold By Rock Advisors Inc
OffOff‐‐Campus Student Housing Campus Student Housing
Niche Market with Growing DemandNiche Market with Growing DemandHigh Profitability – Better yield than conventional apartmentsconventional apartmentsLack of Quality ProductNew Construction now possible
K ll H kK ll H k T l bT l bKelly Hanczyk Kelly Hanczyk ‐‐ TransglobeTransglobe
January 2011January 2011
$277,000,000
3,108 Suites
20 Properties
Cap Rate: 6.38%
May 2011
Samuel Holland
Quebec City Acquisition
$98 600 000$98,600,000
819 Suites
7 Buildings
162,000 square feet of commercial space
Cap Rate: 6.72%
July 2011
$740,400,000
7,518 Suites
57 Properties57 Properties
Cap Rate: 6.0%
October 2011
$64,850,000
1,261 Suites,
23 Properties
Cap Rate: 6.75%
15
Alf H dAlf H d H t dH t dAlf Hendry Alf Hendry ‐‐HomesteadHomestead
2011 Acquisitions &&
New Construction
Acquisitions
1485 Williamsport Drive - Mississauga
Acquisitions
3480 Havenwood Drive - Mississauga
Acquisitions
225 Van Horne Avenue - Toronto
Acquisitions
890 Mount Pleasant Road - Toronto
Before After
Acquisitions
165 Erskine Avenue - Toronto
Before AfterBefore After
New Construction
1000 Mount Pleasant Road - Toronto
151 B tt C t Ki tNew Construction
151 Barrett Court - Kingston
New Construction
85 Range Road - Ottawa
Phil FPhil F KillKillPhil Fraser Phil Fraser –– KillamKillam
Killam Properties Inc.Killam Properties Inc.
December 1, 2011Real Estate Forum
,
Charlotte Court – Phase IFirst Development CompletedFirst Development Completed
Charlotte Court, Phase 1 – Charlottetown, PEI – 49 Units
28
, ,
Development Projects Underway
l i iProjected
($ )Cost per
iDevelopment Location Units Cost ($M) Unit
Charlotte Court ‐ Phase 2
Charlottetown, PEI 47 $6.0 $128,000
1 $ $S2 1 Halifax, Nova Scotia 63 $14.0 $222,000
The Plaza at
Forest Hills 1Fredericton, New Brunswick 101 $21.4 $212,000
Bennett House St. John's, Newfoundland 71 $14.4 $203,000
Total 282 $55.81 Adj i i Kill i f 154 d 151 i i l1. Adjacent existing Killam properties of 154 and 151 units, respectively.
29
Charlotte Court – Phase IICharlottetown 47 UnitsCharlottetown, 47 Units
S2, Halifax – 63 Units
S2 – Located Beside Existing Asset
new development
existing 154existing 154unit property
S2 – Site Under Construction
33
The Plaza at Forest Hills, Fredericton101 Units101 Units
The Plaza – Adjacent Existing Asset
new
existing 151unit property
new development
The Plaza – Site Under Construction
36
Bennett House, St. John’s – 71 Units
Development Plans in St. John’s
Block 2
Block 4a
Bennett House – Site Under Construction
39
