Over the past year, we’ve seen many apartment properties that represented good long term investment opportunities, yet did not work within our traditional condominium conversion model. The Canadian Apartment Fund will focus on these types of properties as we apply our expertise in acquiring, managing and developing multifamily real estate to this Fund. The pooled structure of the Fund will give us the flexibility and efficiency to access more of these types of investment properties and spread any risk associated with these investments over a larger portfolio, which makes it an ideal fit for your RSP.

The Canadian Apartment Fund will primarily invest in:

• Multifamily apartment properties in smaller markets across Canada
• Class B and C properties with 10 or more units
• Properties we can add value to through:
  • improved asset and property management methods
  • selective renovations
  • conversion to condominiums when this makes sense

All of the multifamily apartment properties acquired for the Canadian Apartment Fund will have a long term investment horizon with a typical hold period of five to seven years. This approach will allow us sufficient time to implement our improvements and then realize the benefits the improvements should have on these properties. We will then exit these investment properties through property refinancing, a bulk sale of condominium units or the sale of an entire building, the net proceeds of which will be distributed to Series A Unit-holders.