10127 – 121 Street NW, Edmonton, AB
This property, situated in central Edmonton by the river valley, offers 249 residential units and 25,006 square feet of retail space. Westcorp acted as an asset and property manager for an Ottawa-based owner. Westcorp achieved full occupancy, stabilized vacancy fluctuations, and increased retail tenant satisfaction before the end of our tenure.
11710 – 100 Ave NW, Edmonton, AB
Westcorp acquired and managed this property and saw it through a successful conversion from rental to owner-occupied condominiums. Victoria Plaza offers 65 residential units ranging in size from 1,464 to 2,900 square feet and the units sold for up to $300,000.
9916 – 113 Street NW, Edmonton, AB
In 1984, Westcorp, as receiver, undertook the completion, rent-up, and ongoing management of this project. A joint venture was formed with Stuart Olson Construction to complete the construction and a number of changes to the original finishing and amenity package were implemented. Rent-up was completed in 90 days compared to the average of a one-year rent-up in the market. Central Park enjoyed a very low vacancy during a period when the vacancy rate in Edmonton was in the double digits. Westcorp Inc. managed the property until it sold in February 1994.
West Edmonton Village
17307 69 Ave NW, Edmonton, AB
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.
15503 87 Ave NW, Edmonton, AB
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. 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.
11405 132 St NW, Edmonton, AB
This project consists of 775 residential units on 32 acres of land. 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.
10545 Saskatchewan Drive, Edmonton, AB
Westcorp Inc. conceived and implemented a plan to convert this property from a rental apartment to owner-occupied condominiums. This property consists of 99 residential units: 69 units in a high rise and 30 units in an attached, wood frame annex. 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 period with prices ranging from $75,000 to $150,000.
West Country Village
110 Quail Ridge Road, Winnipeg, MB
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 centre, 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 creating 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.
Antares Luxury Suites
190 Smith Street, Winnipeg, MB
Westcorp acquired, renovated, and rebranded Antares to create what became a coveted address with luxury finishes and high-end amenities. This high-rise building has 306 units that Westcorp was able to fully-lease out and maintain a low vacancy prior to the sale of the building in 2017.
East Crowchild Plan
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.
Belgravia is a collection of lots located in south Edmonton. The land was acquired in 2000 with an existing structure, the Millard Centre, which was occupied by the Workers’ Compensation Board. The project entailed the demolition of the Millard Centre and the subdivision of the land into 56 residential lots. These residential lots were sold to individuals and building companies for housing developments.
Castledowns Village is a 32,000 square foot retail center located in north central Edmonton. The project is anchored by a large medical facility. Westcorp Inc. acted as asset and property manager for an Edmonton owner. Its duties included marketing, coordination with an outside commercial real estate leasing firm, and all tenant relations and renewals.
84 Avenue & 109 Street, Edmonton, AB
This project is a 15,000 square foot retail center located on 84 Avenue and 109 Street, Edmonton. Westcorp Inc. acted as asset and property manager for a Calgary-based ownership. Prior to Westcorp’s involvement, tenant relations were non-existent. In a short period, Westcorp Inc. solved tenant problems and improved the physical property that now displays pride of ownership.
Park Plaza Shopping Centre
101 Street & 118 Ave, Edmonton, AB
This project consists of a 90,000 square foot shopping centre anchored by Safeway. Westcorp Inc. acted as asset and property manager and was hired to address the challenges of tenant replacement and tenant re-negotiation through a redevelopment process.
51 Avenue & 97 Street NW, Edmonton, AB
This is a 36,000 sq. ft. suburban office building owned by a chartered bank. Westcorp Inc. was retained as property manager to coordinate leasing with a real estate leasing firm and to manage the building in a more cost effective manner. The result was a fully leased and profitable operation.
St. Albert Trail & 128 Avenue NW, Edmonton, AB
Comprised of 17,300 square feet of suburban office space, this project is located along a popular thoroughfare in northwest Edmonton on the corner of St. Albert Trail and 128 Avenue. The addition of Centre 128 to Westcorp Inc.’s expanding portfolio of office buildings was a welcome challenge. On behalf of a large financial institution, Westcorp Inc. completed the redevelopment with the aim of maximizing the site’s potential. The property’s troubled history was turned around under Westcorp’s asset management.
10640-100 Avenue NW, Edmonton, AB
Located just blocks from the downtown core of Edmonton, The Matrix offers 186 rooms ranging from deluxe guest rooms to executive-style suites. It is a modern lifestyle hotel with rooms that offer great design, comfort and luxury.
10454 – 82 Ave NW, Edmonton, AB
Located on one of Edmonton’s most vibrant and popular avenues, the Mettera Hotel offers guests a beautiful stay in one of their 98 rooms on Whyte Avenue. With food, entertainment, and shopping all in walking distance, guests can experience Edmonton at ground level. Westcorp acquired this property and transformed it into one of TripAdvisor’s top rated hotels in Edmonton prior to selling it in 2017.
Londonderry Neighbourhood Inn
This 70,000 square foot building is situated on 7.24 acres of land and consists of 40 guest rooms, a 240-seat dinner theatre, a 112-seat English pub, a 650-seat bingo hall, meeting room facilities, and a 400-seat nightclub. The site is located in a high traffic section of Edmonton. Westcorp acquired the property in 1990 from Alberta Treasury Branches in a forced sale. Westcorp subsequently developed an effective new business plan and, in the process of implementing this plan, the project was sold to new investors.
Barrhead Neighbourhood Inn
This property is located in Barrhead, Alberta and consists of 40 guest rooms, a 135-seat restaurant, several banquet rooms, a 200-seat bar, and a liquor store. It dominated the beverage, food and room business in its market. Westcorp was a managing partner in this property and successfully operated the facility until it sold in March 1995.
107 Street Parking
Acquired in 2006, Westcorp managed 128 stalls in this accessible parking lot and saw positive revenues. Westcorp sold this lot in 2017,
Metterra Parking Lot
This 26 stall lot required improvement. Westcorp responded by filling potholes and replacing lights to enhance the quality and experience of this lot and sold the lot in 2017.
Varscona Parking Lot
Acquired in 1997, this 226 stall parking lot was a strong asset for many years. Improvements were made in 2016/2017 and the lot was sold in 2017.