Elmwood Manor – A Prime Example of Value-Add Success

In August 2022, Pier 4 acquired Elmwood Manor, a 44-unit property located in a sought-after neighborhood in Moncton, New Brunswick. This off-market deal was a perfect fit for our value-add approach, with its underutilized common areas and outdated suites offering plenty of room for improvement. With an average rent of $794 during acquisition, this was an exciting opportunity to seize the property.

Unlocking Value at Elmwood Manor

From the start, we saw the potential to enhance Elmwood Manor for both our tenants and our investors. As we took over management, we worked to revitalize the property, resulting in the turnover of 24 units in just two years. By renovating these units, we were able to increase the average rent by 59%, reaching $1,266.

During our due diligence, we also discovered mismanaged laundry facilities. We immediately upgraded these spaces, re-installing laundry machines and modernizing the area. These improvements not only created a better experience for our tenants but also unlocked an estimated $250K in value for the property.

Enhancing Returns at Elmwood Manor

Our initial investment, along with an additional $201K in capital expenditures, allowed us to make significant improvements over two years. These upgrades included roof repairs, laundry room enhancements, the installation of security cameras and an intercom system, balcony repairs, and landscaping improvements. Thanks to these efforts, Elmwood Manor provided a remarkable 31% return on investment in just two years!

But our focus isn’t just on the numbers. Every improvement was made with our tenants in mind, from enhancing security with intercoms and cameras to ensuring safe and comfortable living spaces with roof and balcony repairs. At Pier 4, we’re committed to creating homes where people feel secure and valued, while also delivering strong returns for our investors.

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