Timbercreek

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Private Equity: New & Current Investments

Toronto - Multi Residential

Toronto Multi Res
  • 18-storey, 101-unit multi-residential rental property in the Church-Yonge corridor of Toronto
  • Located 350 metres from Wellesley Subway station and a 15-minute walk from two of Toronto’s three major universities
  • Capital investment program includes:
    • In-Suite Upgrades: new vinyl plank flooring, renovated kitchens and bathrooms
    • New Amenities: fitness centre and outdoor barbecue area
    • Additional Rental Capacity: repurpose underutilized space to create 2 new suites
    • Common Area Improvements: improve “street to suite’ experience with new entryway canopy, exterior landscaping upgrades, lobby renovations and modernizing hallways
    • Energy Efficiency Upgrades: implementation of submetering, electric heat controls and low flow bathroom plumbing
  • Reposition asset to generate significantly stronger rental revenue while maximizing return on incremental capital and asset value

Sacramento - Office

Sacramento
  • 168,847 square foot, LEED Gold certified office building on a 15,000 SF site
  • Located downtown Sacramento immediately across from the State Capital building benefiting from high demand from government affiliated tenants
  • Acquired at an attractive price of $269 PSF significantly below replacement cost
  • Asset was 88.1% occupied at the time of initial investment
  • Capital investment program includes:
    • Common Area Improvements: improvements to lobby, entrance and signage
    • Lease-up Opportunity: reconfiguring 2,500 SF of ground floor space to a retail unit and reconfigure the 3rd floor from 7 small units into 2 units
  • Assets submarket has been undergoing significant investment including the 2016-2017 opening of the Golden 1 Center (home to NBA team Sacramento Kings)
  • Strategy designed to improve cash flow and enhance asset value

Silicone Valley - Office (Life Sciences)

silcone valley
  • 364,000 square foot, Class A R&D/Office complex comprising of 5 two-storey buildings located on a 20.5 acre site in Milipatas, California (Silicone Valley)
  • Purchased at an attractive price of $358 PSF relative to other valuations in the Silicon Valley area that can exceed $1,000 PSF
  • Milpitas Office / R&D market and greater Highway 237 corridor poised to benefit from the continued growth of the tech industry as it lies directly in the path of the Bay Area’s expansion
  • Milpitas sub-market will become increasingly attractive to expanding tech sector after the completion of the Milpitas BART station (2 miles from asset) in early 2020
  • Asset was 100% occupied at the time of purchase with weighted average in-place rents of $2.04 PSF relative to projected market rent of $2.45 PSF
  • Minimal capital improvements will be required
  • Over hold period, Fund will benefit from in-place rents and seek to realize rental upside from lease expiries in Year 3 and 4.

Toronto - Industrial

Toronto Industrial
  • 128,000 SF Class B/C light industrial warehouse located on a 5-acre lot less than 5 kilometers from Pearson International Airport
  • Benefits from major logistics connectivity, access to major retail centres, labour supply and public transit routes.
  • Acquired at an attractive price of $150 PSF significantly below replacement costs
  • Capital investment program:
    • Retrofit building: roof, electrical systems, façade, structural upgrades, glazing, HVAC, and replacement of overhead doors
  • Purchased vacant allowing for capital improvement work to begin immediately and leasing efforts to commence at an early stage of the investment process
  • Significant demand for industrial space to serve last mile logistic market in Greater Toronto Area
  • Plan to execute long-term leases to investment grade tenants providing significant increase to asset value and long-term cash flow

New & Current Investments represent select current investment holdings of the Partnership. These investment holdings do not purport to represent the Partnership’s entire portfolio holdings. Future investment opportunities for the Partnership will differ from these investment holdings