Kitchener, Ontario
105-117 Onward Avenue
Onward Apartments – A True Value-Add Success
We acquired the Onward Apartments at 105-117 Onward Avenue, Kitchener, Ontario, in March 2023. This 46-unit gem, nestled in a sought-after neighborhood in the Kitchener-Waterloo region, was an off-market find with incredible potential. From the get-go, it was clear that this property was a prime candidate for our value-add strategy.
Bought with an average in-place rent of $900, the property was 28% below market value and had a rent gap of 110%! We saw this as an opportunity to make a meaningful difference and were excited to get to work.
Before
After
Transforming the Onward Apartments
When we acquired Onward Apartments, it had several vacancies and needed significant updates. We took this as a chance to revitalize the property. Within less than two years, we turned over 12 units and applied our renovation expertise. As of August 2024, the average rent since acquiring Onward apartments is up 35% to $1,214.
We also identified and upgraded underutilized laundry facilities, which now generate about $1,300 a month. This simple yet impactful change has added roughly $390K in value to the property.
Enriching Lives and Enhancing Returns
Our investments plus $340K for renovations — went into thoughtful improvements like fire safety upgrades, modernized laundry facilities, enhanced security, new entrance doors, and refreshed common areas. The results speak for themselves, reflecting a remarkable $4M increase and a 61% return on investment in under two years!
But beyond numbers, these upgrades have created a better living experience for our tenants. From new security features to improved common spaces, every change is designed with their comfort and security in mind.
At Pier 4, we're proud of how our value-add approach not only benefits our investors but also enriches the communities we are part of. It’s about creating spaces where people love to live and where our investments truly shine.
