Portfolio / Upland Apartments
Upland Apartments
Upland is a 26-unit building acquired in May 2025 below its appraised value. The reason it was such a good buy: the seller had already renovated 20 of the 26 suites. We inherited a largely finished building and only had a handful of units left to do. Income has risen 24% in the first year of ownership, and the building is held with the remaining work still under way.
- Location
- Southern Alberta
- Units
- 26
- Acquired
- May 2025
- Status
- Held — refinance in progress
The project
What we did
Most value-add purchases mean buying a building and then spending years renovating it. Upland was the opposite. A previous owner had already completed the suite renovations across most of the building, then sold the building below its appraised value — so the work that usually costs the most time and money was already done and paid for. Our job has been the remaining suites, the operations, and a capital plan for the building's mechanical and electrical systems. Suites are renovated as they turn over rather than all at once, so the building keeps earning throughout. A refinance is currently in progress.
- 20 of the 26 suites had already been renovated by the seller
- Acquired below appraised value
- Income up 24% over the first year of ownership
- 26 units, acquired May 2025 in a 50/50 joint venture
Results
- Suites already renovated at purchase
- 20 of 26
- Income increase
- +24%
- Units
- 26
Gallery
Around the building
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