Acquisition of 1680 Lincoln Avenue in Montreal

by on June 27, 2024 with No Comments

We are pleased to announce that we have completed the acquisition of a purpose-built student accommodation property located at 1680 Lincoln Avenue, Montreal, Quebec (known as The Link).

The Link is a newly constructed, 18-storey building located steps away from Concordia University and within walking distance of McGill University. The property is equipped with 246 beds in 101 fully furnished units, including studios, two-, three-, and four-bedroom suites, which provides a wide variety of configurations for potential tenants. Additionally, The Link features several amenities, including a fitness room, social rooms, a rooftop terrace, smart package lockers, and an underground parking garage.

This strategic acquisition further diversifies our REIT’s portfolio and solidifies our position as the leading owner and operator of Canadian student housing. With this acquisition, we own in excess of 7,100 student housing beds across Canada. Further, this acquisition marks our entry into Montreal, which is home to several universities and colleges in need of housing for their students.

Below is the link to the full press release. We have also included a link to an overview presentation of The Link.

Press Release

 

Overview Presentation

 

Information Sheet

Alignvest Student Housing – Closing of Acquisitions

by on June 25, 2024 with No Comments

We are pleased to announce that we have completed the acquisition of two purpose-built student accommodation assets located at 252 and 254 Phillip Street, Waterloo, Ontario (known as Hespeler House and Fergus House, respectively).

Hespeler House and Fergus House are each 21-storey student housing buildings with 476 beds in fully furnished four-bedroom/four-bathroom suites. The properties are steps away from the University of Waterloo and within walking distance from Wilfrid Laurier University. The properties have amenities which include fitness rooms, study rooms, a fully enclosed theatre room, games rooms, a basketball court, underground parking, bicycle parking, and on-site laundry.

With the closing of these acquisitions, Alignvest Student Housing REIT has completed four transactions in the first half of 2024 totaling 1,705 beds and $384 million. We are excited to further solidify our position in Waterloo and believe these assets will benefit from the scale we have in the market. Hespeler House and Fergus House are strategically located near the University of Waterloo, whereas our other assets in Waterloo primarily serve students attending Wilfrid Laurier University. In total, we now provide housing for over 6,900 students in six major higher-education markets across Canada.

Below is the link to the full press release.

Press Release

 

ASH – Management Report

by on May 8, 2024 with No Comments

MARCH 31, 2024 – MANAGEMENT REPORT

 

We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s Q1 2024 Management Report.

We have had a very busy start to 2024 and are expecting a  successful year for our REIT. The macroeconomic environment has shown signs of stabilization and opportunity. Interest rates have come down from their peak in Q4 2023. Further, CMHC financing has become more accessible to developers and investors, which has materially impacted our ability to positively underwrite acquisitions.

We kicked off the year with the acquisition of 417Nelson in Ottawa in February. This site nicely complements our other Ottawa properties and is conveniently located only a few minutes walk from the University of Ottawa.  Continuing our growth trajectory, in April we announced the acquisition of 308 King in Waterloo, with an expected closing in late May. It’s important to note that we have spent several years working to secure both of these transactions. Our deep relationships and expertise provide us with a unique advantage compared to other investors in the sector. We have a robust pipeline of additional acquisition opportunities for continued growth.

Our 2024 pre-leasing season is off to a strong start. We are already almost 83% pre-leased for September 2024 at our privately-managed properties and are projecting a 21.8% gap-to-market on sitting rents when compared to current tenant lease rates. We are also pleased to confirm that the Canadian governments recent announcements to reduce the number of international student visas has not impacted the demand we continue to experience across our portfolio.

We are pleased with the results we have delivered to our investors, including a 3.2% return in Q1 2024 and 12.4% annualized since inception (both are to Class F unitholders participating in our DRIP). With a strong acquisition pipeline in front of us, we are actively raising capital to pursue multiple opportunities and continue our expansion across Canada. The future looks strong, and we are confident in our strategy and the corresponding returns for our investors.

 

Below is the link to our Management Report. We have also included links to our Q1 2024 Financial Statements and 2023 Audited Financial Statements. Please contact us if you have any questions.

 

Q1 2024 Management Report

Q1 2024 Financial Statements

2023 Audited Financial Statements

Alignvest Student Housing – Update

by on June 29, 2023 with No Comments

Alignvest Student Housing (“Alignvest”) is pleased to announce an increase in the Fair Market Value (“FMV”) of the Units of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”) to $134.00 per Class F Unit and $130.83 per Class A Unit (collectively, the “Unit”) as at June 30, 2023.

Additionally, ASH REIT’s Board of Trustees have approved ASH REIT’s Monthly Distribution of $0.50 per Unit ($6.00 per Unit on annual basis), effective June 30, 2023, for unitholders of record as of June 1, 2023.

Please refer to the press release for additional information.

Press Release

Alignvest Student Housing- Management Report

by on May 16, 2023 with No Comments
MARCH 31, 2023

We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s Q1 2023 Management Report.

Despite the continuing volatility in both the equity and debt markets, our fair market value has remained stable and is starting to show growth due to our strong operating performance and our portfolio’s NOI growth in 2023. Our REIT’s performance speaks for itself – as of March 31, 2023, our privately managed portfolio is over 99% occupied, and as of May 5, 2023, is ~85% pre-leased for September 2023 at rates that exceed our budgets. We are building an attractive gap-to-market in rents of over $6 million, which bodes for well continued growth in 2024 and beyond.

As part of our continuing growth, we have increased our disclosure this quarter by providing comparative financial and operating metrics, as well as quarterly financials, which provides investors with enhanced tools to evaluate our performance. We are also pleased to announce the release of our 2023 ESG Report, which incorporates reporting on our Greenhouse Gas emissions. Below are the links to our Q1 2023 Financial Statements and ESG Report.

Below is the link to our Management Report. Please contact us if you have any questions or need additional information.

Q1 2023 Management Report

 

Q1 2023 Financial Statements

 

2022 Audited Financial Statements

 

2023 ESG Report

 

 

 

 

 

 

 

 

 

SEE-MORE, HALIFAX

Pictured above is See-More, our newest acquisition located in Halifax, Nova Scotia. Throughout the due diligence process, our team analyzed the Environmental and Social components of the building in relation to our overall ESG strategy. The rooftop solar panel installation feeds directly into the domestic hot water and offsets the energy in all common areas of the building. This contributes to our goal of lowering our GHG emissions and sourcing non-emitting sources of energy. The art installation on the exterior wall is inspired by Mi’kmaw traditional porcupine quill work, petroglyphs, weavings, and other aspects of the local indigenous culture. The sentiment of the art speaks to the welcoming environment we want to create for our students; one that is inclusive, safe and also fun!