haltcatchfire said:
This one has 5 different materials going on though. The red brick, the grey hardy horizontal siding, the cream smooth Hardy paneling, the grey smooth Hardy paneling, and the faux wood horizontal siding. Not to mention the precast or stone window headers and sills, white perf. aluminum soffits, Hardy trim, Smartboard type fascias, and whatever they plan on using for capping the 4th floor parapet and balcony railings.

They could have just done the brick and smooth Hardy paneling in the cream or a cream stucco and been done with it. Would have been sharp and the same cost, but now it's a mess for no architectural reason.
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The city encourages using different materials to break up large facades on buildings like this.
 
haltcatchfire said:
It's not wood though. It's faux wood. Some sort of glossy composite. I'm still baffled by the white perf. alum soffits under the balconies and top overhang where there's no need for venting. Looks so cheap next to the black smartboard.
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Ya I am ok with the cladding with the exception of the white perforated soffit, makes no sense and doesn't really fit in.
 
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Is this building going to be rental or condo? Given the location, I am really hoping for rental. Their website doesn't give any hints. The banners make one think it will be a condo. Anyone have the inside scoop?
 
Most likely condo I think but my real estate agent has a client that wants to buy in but Anthem won't even return their call. You'd think even if you weren't ready to go under contract you'd still communicate with potential buyers.
 
haltcatchfire said:
Most likely condo I think but my real estate agent has a client that wants to buy in but Anthem won't even return their call. You'd think even if you weren't ready to go under contract you'd still communicate with potential buyers.
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IIRC, they will be condo, and a sales launch should be happening sometime in the near future.
 
All will be sold as finished spec homes which is unusual for a condo development in today's economy. Anthem must be pretty confident that the location, and maybe the price point will be that appealing; and they will be able to sell the majority in the short to medium term.
 
The last few photo updates have changed my opinion of this one, it's turned out better than I was expecting. It's not a show stopper, but it's what I would describe as subtle and solid, it blends nicely into its surroundings.
 
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JonnyCanuck said:
All will be sold as finished spec homes which is unusual for a condo development in today's economy. Anthem must be pretty confident that the location, and maybe the price point will be that appealing; and they will be able to sell the majority in the short to medium term.
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It's kind of shocking they are taking that approach. These guys obviously know what they are doing, but as you mentioned, it seems like an odd strategy in this market. Underwood is probably blowing through $100k/month on their pre-lease up strategy. Different markets for sure, but anecdotally interesting
 
It is surprising. I think this is actually a fantastic add in the neighbourhood, and looks great.

If I were on their investment team, I would be strongly advocating for rental in this location with every bit of firepower I had. If you look at success of projects in Marda Loop for example in lease-up and compare to how little rental supply is in Kensington - the writing is on the wall. Cap rates for something in this neighbourhood could be just a hair over 4% for wood product. Rents should be $1500 - $1850. Plenty of new condo options, but nothing for renters... and I really, really want more young people moving to Kensington - especially the renter demographic as they tend to spend more on discretionaries which tends to be an extra boost for the retail.
 
MJC said:
It is surprising. I think this is actually a fantastic add in the neighbourhood, and looks great.

If I were on their investment team, I would be strongly advocating for rental in this location with every bit of firepower I had. If you look at success of projects in Marda Loop for example in lease-up and compare to how little rental supply is in Kensington - the writing is on the wall. Cap rates for something in this neighbourhood could be just a hair over 4% for wood product. Rents should be $1500 - $1850. Plenty of new condo options, but nothing for renters... and I really, really want more young people moving to Kensington - especially the renter demographic as they tend to spend more on discretionaries which tends to be an extra boost for the retail.
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Very astute assessment MJC! The cap rate is likely hovering somewhere close to 4.25% on this one. When you run the numbers, you actually have to look at rents on a per square foot basis, not just on an absolute basis because of the variation on the unit sizes (and that is how you calculate the valuation on a building). The target rents for this one are likely between $2.60 and $2.70 psf. There is lots of demand in this area and as you said, there are lots of new for sale condos but almost no new rental apartments. The Palfreyville apartments that were completed just down the road leased up all 20 units in 2 months when it was completed in late 2017/early 2018. That is a quick lease up and if the rate was similar on this building it could work out extremely well!
 
And units rent on a gross $ basis. That is what tenants see...totally depends on unit sizes. The $PSF shakes out based on how accurately the individual units are priced.

Retail, office, and industrial are quoted on $PSF.
 
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