Vancouver Island investment firm wraps up 2023 with some major wins
Ryan Patterson (left) and Mitchell Prothman (right). Photo courtesy of Alitis Investment Counsel Inc.
Alitis Private REIT closed out 2023 on a high note, hitting a major milestone by surpassing $100 million in funds assets under management.
However, that’s not the only reason the Alitis team is celebrating. A partnership with Autograph Group, a real estate developer based in Alberta, has resulted in high accolades for a project held in the Alitis Private REIT. One of Autograph’s premiere mixed-use, multi-family properties in Edmonton’s coveted Oliver neighbourhood, Mercury Block, took home an Urban Design Award by setting the standard for neighbourhood intensification and showcasing immense potential of thoughtful, community-oriented housing design.
“The entire Alitis team is very proud of what we’ve accomplished this past year,” says Ryan Patterson, Senior Real Estate Strategist at Alitis Investment Counsel. “The recent successes with Mercury Block have only furthered our excitement for the completion of Mercury Block II, set for Fall 2025.”
Mercury Block in Edmonton’s Oliver neighbourhood won an Urban Design Award recently. Photo courtesy of Alitis Investment Counsel Inc.
Mercury Block and Mercury Block II are clear examples of Alitis Private REIT’s unique investment strategy, which puts a strong focus on multi-family residential properties.
“Currently 55 per cent of the Alitis Private REIT is invested in modern new pet friendly rental apartments that are producing income. Additionally, 20 per cent of our portfolio is in buildings under renovation and 25 per cent is in projects currently under development,” Patterson says.
“Our approach is to invest in developments with the intention to retain the property for income purposes, ” he says.
This strategy ensures all the properties are built to a higher standard as Alitis plans to retain these for the long-term.
“We have complete confidence in the properties that we’ve financed the construction of over the years,” says Mitchell Prothman, Senior Portfolio Manager and Head of Real Assets at Alitis Investment Counsel.“We were involved in the development right from the very start for all of the properties that the Alitis Private REIT currently holds directly. This allows us to know that no corners were cut and that the building has been built to last for many years to come.”
Despite the challenges the real estate market faced this past year, including higher construction costs and rising interest rates, the Alitis Private REIT still delivered their investors a solid 7.37 per cent return (Class E Units) net of all fees and expenses in 2023. Since inception (April 2016), the fund has delivered investors an annualized return of 10.63%
“The numbers speak for themselves. Our approach is working and as we head into 2024 we’ll continue to keep ourselves well positioned through our primary focus on multi-family properties, benefiting not only our investors but the growing Canadian population as well,” Prothman says.
Find out if The Alitis Approach is right for you, call 250-287-4933 or email info@alitis.ca. Find them in Campbell River at 101-909 Island Highway, the Comox Valley at 103-695 Aspen Rd., in Victoria at 1480 Fort St., or online at alitis.ca.
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