Today we caught up with Karl Brady, President, Greyspring Apartments:
Greyspring has had a strong year, achieving several key milestones as we advance our investment strategy to deliver strong returns for our investors.
One of our significant milestones has been the internalization of our property management function through the establishment of GMR. In March 2024, we successfully transitioned our entire portfolio to GMR, building a team of approximately 35 experienced managers and dedicated site-level staff based in Montreal. This strategic shift is consistent with our goal of being a vertically-integrated organization and allows us to have full oversight of our operations, ensuring higher quality staffing, customer engagement, and marketing, while optimizing portfolio operations. Our commitment with GMR is to deliver best-in-class service to our residents and stakeholders. By leveraging cutting-edge technology and innovative management practices, we aim to enhance the living experience across all our properties. GMR is not just about managing properties; it is about creating communities where people are proud to live.
We have also made significant strides in our renovation efforts across our portfolio, which comprises approximately 2,500 units in Montreal. These renovations are part of our ongoing commitment to improve the quality of our properties and enhance the living standards for our residents. From modernizing common areas, upgrading individual units, and enhancing building infrastructure, our projects are progressing smoothly. These improvements are boosting the aesthetic appeal, and operation efficiencies of our properties and increasing their market value. As of this reporting, we are experiencing strong operating results driven by high demand for rental accommodations in Montreal, creating upward pressure on market rents and enabling continued investment in our properties. We have already renovated approximately 150 units across our portfolio, with more to come in the second half of the year. Greyspring is also looking forward to the potential divestment of select assets in our portfolio in the coming months, while looking to add new properties to our portfolio. This is consistent with our investment strategy of holding assets for 3-5 years.
As we continue to advance our goals, we remain focused on driving results to our various stakeholders. The success of GMR and our renovation projects is a testament to the hard work and dedication of our team. We are excited about the future and the opportunities that lie ahead.
