Multi-family properties

East Crowchild Plan (CFB Calgary)

The project involved the management and maintenance of a mix of 794 single-family homes and duplexes, 454 of which are in the lease-up program. Westcorp efficiently demonstrated its commitment to professionally manage and be fully responsible for the operation, maintenance, management, and leasing of this residential community.

West Country Village

Located in a residential community on the west side of Winnipeg, Manitoba, this project is a 312-unit, low-rise garden apartment complex consisting of 13 buildings, outdoor recreational facilities, and a free standing amenities center, all interconnected by winding walkways and picturesque courtyards. Westcorp acquired this under-performing property in August 1995 from CMHC and immediately implemented a $4 million rehabilitation program. In July 1996, Westcorp embarked on a condominium conversion and sale program which included renovating the common areas and recreational facilities, enhancing the landscaped areas, and created attractive new show suites. Units were priced in the range of $50,000 to $90,000. Market absorption has been excellent and the project sold out.

Victoria Plaza

Westcorp Inc. identified this opportunity and acquired and managed the project through a successful conversion from rental to owner occupied condominiums. Located at 11710 -100 Avenue, Edmonton, this property consists of 65 residential units ranging in size from 1,464 to 2,900 square feet. The units sold ranging in price from $117,000 to $300,000.

Central Park

Central Park is a 19-storey, 104-unit high-rise apartment building located at 9916 -113 Street, Edmonton. In 1984, Westcorp, as receiver, undertook the completion (project had stalled at the 75% constructed stage when the developer became insolvent), rent-up, and ongoing management of this project. To satisfy the client that Westcorp Inc. had the required depth to perform the project; a joint venture was formed with Stuart Olson Construction to complete the construction. A number of changes to the original finishing and amenity package were implemented. Rent-up was completed in 90 days and, for years after, the project enjoyed a very low vacancy during a period when the vacancy rate in Edmonton was double digit and rentups for projects of this size were taking over one year. Westcorp Inc. managed the property until it sold in February 1994.

West Edmonton Village

Located on a 40 acre site in west Edmonton, this project enjoys the distinction of being one of Canada's largest residential projects with a total of 1,176 rental units. It consists of 3 highrise buildings with 601 units; 7 low-rise buildings with 405 units; 169 townhouses in 26 structures; and a 2-storey administrative and recreational building. The recreational club features an Olympic-size pool, whirlpool, sauna, exercise rooms, weight training room, games room, party room, and beverage room. Westcorp Inc. served as property manager for a mortgagee who took ownership for approximately 18 months, and assisted in the sale of the property.

Whitehall Square

This project consists of 600 residential units and 1 commercial section in 3 high-rise and 8 walk-up buildings on a 10-acre site. Located at 156 Street and 87 Avenue, Edmonton, it features a 25-meter lap pool, exercise facility, on-site pharmacy, convenience store and other amenities. Westcorp Inc. acted as asset manager for an Ontario-based ownership and undertook a repositioning of this project.

Baywood Park

This project consists of 775 residential units on 32 acres located at Groat Road and 114 Avenue to 117 Avenue, Edmonton. Of these units, 600 were built during the 1950s while the remaining 175 were built in the late 1970s. When Westcorp Inc. was contracted as both asset and property manager, the project, known then as Bel Air Apartments, had a vacancy rate above market average, rents below market average, and a tenant profile that reflected the lower end of the socio-economic scale. Tenants were typically transient in nature and abusive of their accommodations. Under Westcorp's management, the project demonstrated remarkable improvements:

•It was completely repositioned and rehabilitated;
•Vacancy dropped to below the market average;
•Rents were above market average;
•Incentives for new tenants were below market average;
•The tenant profile reflected a more stable, affluent demographic;
•Abusive elements were eliminated; and
•NOI and appraised value grew appreciably in spite of a significant market downturn.

Waterford House

Westcorp Inc. conceived and implemented a plan to convert this property from a rental apartment to owner occupied condominiums. Located at 10545 Saskatchewan Drive, Edmonton, this project consists of 99 residential units-69 units in a high rise and 30 units in an attached, wood frame annex. Conceived in late 1990 and implemented and completed in 1991, this project triggered the condo conversion mania prevalent in Edmonton in the early 1990s. Prior to this project, there were few or no conversion projects on the market. The units were sold within a 100-day time frame with prices ranging from $75,000 to $150,000.