Guelph, Ontario
3-19 Burns Drive
Burns Residences – A Showcase of Value-Add Success
We acquired the Burns Residences at 3-19 Burns Drive, Guelph, Ontario, in March 2022, recognizing the immense potential in this 70-townhome property. Located in a charming neighborhood in the Guelph-Eramosa region, the property was an off-market find that perfectly aligned with our value-add strategy. From mismanaged tenancies to outdated renovations, Burns Residences presented a golden opportunity for us to make a real difference.
Purchased with an average rent of $1,342, we saw this as more than just numbers — it was a chance to enhance the property and improve the living experience for our tenants.
Before
After
Unlocking Value at the Burns Residences
With multiple vacancies at the time of purchase, we knew there was work to be done. Through professional management and targeted renovations, we turned over 13 units in less than three years. As of August 2024, the average rent at Burns Residences has risen by 13% to $1,521.
During our due diligence, we had noticed some exterior brick work that needed to be fixed. We acted swiftly, restoring the brickwork and removing a collapsed access ramp to ensure the safety and well-being of our tenants.
These improvements don’t just add value for our investors — they create a safer, more comfortable living environment for our residents. At Pier 4, we believe in reinvesting in our properties to benefit everyone involved.
Enhancing Returns at the Burns Residences
Our initial investment, along with an additional $812K in capital expenditures, allowed us to make significant improvements over three years. This included installing security cameras, waterproofing, repairing parking garages, replacing roofs, and more.
But beyond the financial returns, these upgrades were made with our tenants in mind. From suite renovations to enhanced security measures, every improvement was designed to ensure that our residents feel safe and comfortable in their homes.
At Pier 4, we’re proud to create spaces where people love to live and where our investments truly shine.
