Partnership for Vancouver mixed-use rental property

A partnership between the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects, the City of Vancouver and Hungerford Properties will result in a mixed-use new development with 44 seniors housing suites, 117 affordable rental apartments and ground floor commercial units.

Hungerford Properties “This is a very complementary set of attributes that each partner brings to the table,” said Hungerford partner Michael Hungerford. “We bring financial and development expertise to the partnership. Odd Fellows is bringing the land and their requirements for social purpose housing. And Terra is bringing their expertise in social purpose real estate. We’ve really come together on a vision.”

A public hearing for the site passed unanimously last week, paving the way for the redevelopment of an aging and dilapidated seniors residence called Odd Fellows Manor at 3595 Kingsway near Boundary Road into a new six-storey, mixed-use property. Construction will start next spring, with completion scheduled for the spring or summer of 2018.

The partnership and the GBL-designed and Hungerford-built complex came together under the City of Vancouver’s new Rental 100 program, which encourages the development of projects where 100 per cent of the residential units are rental, with capped rates. The policy targets moderate-income households and will help the City towards reaching its goal of creating 5,000 new market rental housing units by 2021.

“To be able to combine an interest in giving back to the community while we’re also delivering on what we do every day, which is providing our community with high quality real estate developments, is very satisfying,” said Hungerford. “It’s something that we’re excited about and are going to be proud to be part of.”

The profit Hungerford will generate from the market rental apartment and commercial rents will cover the costs of Odd Fellows’ housing units, which means the society will be able to replace its 45-year-old facility for free with no risk.

Read more here: https://renx.ca/partnership-vancouver-mixed-use-rental-property/

Hungerford Moves Ahead with Innovative Development Partnership for Seniors Housing & Market Rentals

Vancouver, October 20, 2016 – Hungerford Properties is now officially moving ahead with plans to build a 161-unit development, including 44 new seniors housing suites as part of an innovative, new redevelopment near Boundary and Kingsway. A public hearing for the site passed unanimously this week, paving the way for a unique partnership between the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects, the City of Vancouver and Hungerford Properties.

The redevelopment of the property at 3595 Kingsway, from an aging, dilapidated seniors residence called Odd Fellows Manor into a new, vibrant, six storey, mixed-use development, will not only provide 44 brand new, high-quality, affordable homes for seniors, it will also provide 117 affordable rental apartments and commercial units on the ground floor.

As one of the first developers to combine social housing and market rentals in this unique partnership under the city’s new Rental 100 program, Hungerford Properties is proud to be part of the solution to the affordable housing shortage in Vancouver. The Rental 100 program encourages the development of projects where 100% of the residential units are rental, with capped rental rates. The policy targets moderate-income households, and will help the city reach its goal of creating 5,000 new units of market rental housing by 2021.

“This project represents a positive partnership between the city, a non-profit, a private developer and a social purpose real estate consulting firm,” says Michael Hungerford, a partner at Hungerford Properties. “We are grateful to have so much support in moving this project forward. We may be one of the first such developments in the city, but there will be more to come.”

By partnering with a real estate developer, the Odd Fellows Low Rental Housing Society will be replacing an aging seniors’ housing facility at no cost, while continuing to provide affordable homes for its residents. The Odd Fellows Society will own its non-market units and Hungerford will retain the market-rental homes through a strata arrangement. Odd Fellows residents will be relocated under a city program and current residents will have first right of refusal to move back into the new homes.

“Hungerford’s development expertise and financial capacity have been instrumental in getting the project to this stage,” says Hugh Forster, partner at Terra Special Projects, the consultancy firm that put together this deal. “We are confident that together we will deliver an excellent project and the model we used for this has been so successful, we will be using it again with other non-profit land owners in the future.”

There is very limited new product being built for low-income seniors, he said. This new development partnership allows the project to happen at no cost and no risk to Odd Fellows. “It’s been a great partnership and we are happy to be moving forward to replace the building because it’s on its last legs,” says Marie Olsson, the interim CEO for Three Links Care Society that manages Odd Fellows Manor. “The new facility will allow us to continue to provide safe, clean and affordable housing to seniors on a low, fixed income.”

Construction will be starting in Spring, 2017, with completion scheduled for 2018.

Hungerford acquires Edmonton’s Royal Alex Place

Long-term thinking and avoiding reliance on the oil and gas industries were behind Hungerford Properties’ recent decision to purchase Edmonton’s Royal Alex Place.

Hungerford Properties - EdmontonThe 11-storey building, with 44 residential units and three storeys of commercial space is in the downtown at 11112 101 St. NW. It’s close to the Royal Alexandra Hospital, one block from a new Metro light rail transit line station, within walking distance of Kingsway Mall and six blocks from the new ICE District that includes Rogers Place (the new home of the Edmonton Oilers hockey team), an outdoor concert area and other future developments.

“We like the neighbourhood and the correlation of demand for the property with the hospital,” said Hungerford Properties partner Michael Hungerford.

“We see a lot of hospital workers and related businesses in the health services industry in the building and neighbourhood already, and we like that in a market that has some challenges with oil and gas-related businesses. We have some insulation from that.”

Click here to read the full article

Edmonton's Royal Alex Place gets a makeover

A Vancouver-based real-estate developer has announced the acquisition of an 11-storey building near Edmonton’s Royal Alexandra Hospital.

Hungerford Properties acquired Royal Alex Place at 11112 101 St. from a private family for an undisclosed price around two months ago, said Michael Hungerford, a partner at Hungerford.

“We have a long-term investment strategy in Edmonton and we’re very pleased to add this to our portfolio,” said Hungerford.

The mixed-use building is an occupied, tenanted building with 44 residential units and three storeys of commercial space. Many of the current occupants work at the nearby hospital, said Hungerford.

This will be the company’s third property investment in Edmonton in the last two years, he said.

Click here to read the article at edmontonjournal.com

Laneway housing has been a hot news topic in Vancouver this fall. Often, stories have presented this latest housing trend as the ultimate answer to building affordability into the Vancouver market. With 1,000 city permits now issued for laneway homes since 2009, I've heard many people talk about what a great way it could be to build income on your existing property. Or how it can provide a unique solution by offering grown children or aging parents a place to live.

But based on numbers alone, a laneway house project is probably not a solid investment for landowners.

Click here to read the full article.

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