CANADIAN APARTMENT INVESTMENT CONFERENCE Trading Space for Place Micro-Loft Case Studies
WHAT IS A MICRO-LOFT? Micro-Lofts are rental or condominium homes that are smaller than typical for a given market. Apart from the small unit size, Micro-Lofts offer a high degree of in home modality resulting in the same features and amenities as a larger home. Micro-Loft projects also have more extensive common area amenities than typical buildings. WHAT SIZES ARE THE SUITES? We have several Micro-Loft types: the studio, the micro-two and the micro-three. The studios start at about 250 sq. ft., the micro-two’s at about 400 sq. ft., and the micro-three’s begin about 700 sq. ft. WHAT IS THE COST OF A MICRO-LOFT? Strata pricing begins at about $110,000. Rental rates from $3.50 to $5.50 psf. Location dependent.
Micro-Loft – The Customer View A Cultural & Economic Convergence • Trading Space for Place. • Small is big again – Compact Urban Housing – Micro Lofts. • 300 SF Home with a 3 Million SF Living Room. • Your living room and dining room are outside your home, and they are free. • The big stuff in your life is now small. Laptop, IPAD, TV (Flat), Music. • I do not want what I can not have – Post Recession Reality Adjustment. Life with less can be good. More is not always more. • Urbania – Cities are ascendant in global culture. • The best places in the best cities are unbeatable. • Hipsters dont want cars.
18 Hastings – Burns Block Micro-lofts, Gastown, Vancouver. Heritage Conversion Our first Micro-Loft project. 30 Suites Rented in 1 Week On Craig’s List. Average size 265 sf. No parking. Average rent over $4.00 psf with new rents being done at $5.00
The Janion, Victoria, B.C. Heritage Conversion / Addition Our second Micro-Loft project. Waterfront Strata – 122 Units Sold Out in 1 week. Average size 300 sf. 11 parking. Average sales rate $550 psf. Construction Completing October 2016.
The Janion, Victoria, B.C.
The Janion, Victoria, B.C.
Prime, Surrey, B.C. New Construction – High Rise Our third Micro-Loft project. Transit Oriented Strata – 398 Units Sold Out in 6 months. Average size 350 sf. 200 parking. Average sales rate $500 psf. Under Construction. Completing Mid 2018.
Prime, Surrey, B.C.
902 Davie – Downtown, Vancouver Our fourth Micro-Loft project. Rental – 250 Units. In Rezoning. Average size 320 sf. Parking 70. Average sales rate Projected $5.50 psf.
902 Davie – Downtown, Vancouver
Micro-Loft Metrics • 800 Units constructed or in planning. • Rental = 280 Units • Strata = 520 Units • In all likelihood most of the strata units will end up in the renal market – bought by investors. • Purchase Rates - $550 to $1,000 • Rental Rates - $3.50 - $5.00 • Fact – Vancouver does now allow Micro-Lofts below 320 - sf.
Design Principals – Burns Block Study
MODALITY IS KEY
MODALITY IS KEY
Abundant Natural Light / Bright Interiors
Extensive Indoor / Outdoor Amenities Bookable & More than One
Extensive Indoor / Outdoor Amenities Bookable & More than One
High Quality Common Areas
High Quality Common Areas
Modality and Turnkey Storage
Modality and Turnkey Storage
Light and View
Use Every Inch
Use Every Inch to Increase Sense of Space
High Quality Finishes
18 Hastings – Burns Block Micro-lofts
18 Hastings – Burns Block Micro-lofts
CANADIAN APARTMENT INVESTMENT CONFERENCE Trading Space for Place Thanks
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