Mainstreet's latest addition, Merante, is located right in the heart of thriving and bustling downtown Calgary, in close proximity to the popular and trendy 17th Avenue SW.
Previous owners bought and sold this building without ever opening its doors. Not Mainstreet.The building, which consists of 18 rental apartment suites (10,000 sq. ft.) was acquired in January 2014, as a broken condo project which the previous developer had failed to complete, and one that had huge unpaid liabilities.
On Thursday March 10, 2016, as part of my training at Mainstreet, I had the pleasure of touring this building which now boasts remodeled suites complete with high-end finishes and state-of-the-art security features in all its suites.It was such an amazing feeling to finally see the finished project which will be home to a number of families and individuals who will each make it their sanctuary and find solace as well as comfort within its walls.
With the current recession that has hit Alberta due to the plunge in oil prices, thousands of people have lost their jobs, ultimately resulting in the loss of homes (increasing the risks of homelessness) – or the need to downgrade, and Mainstreet as a mid-market targeted residential company steps to the platform, just at the right time.
To add on to this, Mainstreet continues to work with the government and various agencies to provide affordable housing to low income earners, former homeless families and individuals. This support has now been extended to Syrian refugees whom the company currently houses in the various Canadian regions.
Mainstreet's CFO & COO, Johnny Lam said the Merante project is in-line with the company's business model of "buying underperforming assets, adding value to them and then repositioning it back on the market as an improved property for tenants and increased value for shareholders.'' Mainstreet has done an outstanding job in the transformation of this building.
Mainstreet's goal of becoming Canada's leading provider of affordable mid-market rental accommodations is being realized, and I am proud to be a part of it.
As I get to understand Canada's real estate industry, the whole country, and settle within the Mainstreet family, I look forward to each break of dawn and the amazing opportunities it will bring. And as I have passionately grown accustomed to saying, "It's a great day at Mainstreet…" I know without a doubt that each day is just that!
Mainstreet Equity Corp. is a publicly-traded (TSX: MEQ) residential real estate company in Canada. Mainstreet currently owns and operates properties in Surrey, BC; New Westminster, BC; Abbotsford, BC; Calgary, AB; Cochrane, AB; Lethbridge, AB; Edmonton, AB; Fort Saskatchewan, AB; and Saskatoon, SK.
Mainstreet provides affordable, renovated apartment suites to Canadians, and is committed to creating real value without diluting shareholder interests.