The 8th Annual AptCon:
The Blueprint for Rental Apartment Development Across Canada
In-Depth, Data Driven, Actionable Advice.
The day and a half event, being held May 27 & 28, 2019, is the blueprint for rental apartment development in Canada. We are going back to our roots in order to make an event that will tackle the real issues that rental apartment developers face.
Over the course of two days, North America’s foremost experts in the rental apartment, mixed-use, and student housing industry will address critical and timely issues that are driving change in the industry today using real world experience, data, and best-in-class case studies to support their conclusions.
Vice President, Real Estate Finance
SVP, Business Development
2019 AptCon Program
Day 1: May 27, 2019 – 12:00 PM – 5:00 PM
The State of the Nation – The Real Story About What’s Happening in Apartment Construction in Canada
A summary of what’s going on across Canada in terms of new apartment construction. Who’s building, who’s buying, who’s selling, what price, and what’s the development pipeline look like going forward. We’re going to quantify where the opportunities are and the product types to be built in the various markets across the country. In this session, we will cover:
- Benchmark new apartment transactions across the country
- What product type to build in what market
- The difference between purpose-built apartment development and condo development
- Structuring joint ventures between developer and institution
- Apartment Crane Watch – what’s being built across the country
Derek Lobo, SVN Rock Advisors
Getting Started in New Apartment Development – Project Feasibility
Are you building to sell, or hold? Your answer impacts a lot of your strategy. Project feasibility encompasses the full range of analyses that a developer must perform before committing to a given project. As feasibility analysis progresses, the developer must acquire more information that will indicate whether it makes sense to proceed further. During the feasibility period, the project may be cancelled at any time, usually limiting losses to the costs of the feasibility study plus the cost of tying up the land. Positive information, however, usually justifies making the next increment of expenditure to acquire additional information. In this session you will learn the major activities that a complete feasibility takes, including:
- I’ve got an option on a piece of dirt, how do I figure out if the deal worth moving forward with? We’ll show you how to determine high level rental rates and operating costs from 30,000ft.
- I’m comfortable developing in my usual markets, but the cost of land is becoming prohibitive. How do I determine which other markets I should be looking for sites in? What are the important variables?
- Drilling deeper: I’ve found my site – now what do I build? How to figure out your unit mix, amenities, and rental rates.
- What hoops am I going to have to jump through with the city? Strategies to streamline your approvals process.
Sally Turner, SVN Rock Advisors
Day 2: May 28, 2019 – 8:00 AM – 5:00 PM
Financial Feasibility Analysis
Financial feasibility analysis for land development is performed in two stages. The first stage is a “quick and dirty” pro forma that summarizes the project’s revenues, expenses, financing assumptions, and profit using 30,000 ft data. The second is a multi-period discounted cash flow (DCF) analysis that provides a detailed projection of cash flows, equity and loan needs, profits, and basic return measures, including internal rates of return (IRRs). Developers should perform both stages of analysis before they commit earnest money to a project. In this session you will learn the how to’s of a Financial Feasibility Analysis with specific examples covering:
- Projecting Operating Revenues & Expenses
- Projecting Development Costs
- Multi Period Cash Flow
- Sensitivity Analysis
Sally Turner, SVN Rock Advisors Inc., Brokerage
Donny Afonso, Pelican Woodcliff Inc.
Mark Garber, Kingsett Capital
Jessica Harland, CMLS Financial
Apartment Design – The Future of Apartment Design
The apartment developer’s conceptualization should be based entirely on the target market—not their personal preferences. The rental apartment markets are segmented into many sub-markets, with each niche demanding specific elements. Sub-markets vary enormously by demographics, level of competition, and preferences related to unit mix, unit finishes, parking arrangements, and amenities. Design standards and preferences vary from one geographic region to another. No matter how good the pro forma for a project might look, if the apartments do not satisfy the market’s needs at a rental rate that prospects can afford, the project’s profitability will be limited. Experienced architects and designers will show cutting-edge apartment design, with case studies. In this section we will cover:
- Determining Unit Mix and Floor Plan Layouts
- Overall Site Planning
- Design Exterior
- Design Interior
- Apartment Units & Common Area
- Functionality Audits at Different Stages
- Municipal Design Issues & Approvals
Linnea Chamberlain, Chamberlain Architects
Jon McGinn, Chamberlain Architects
Brendan Whitsitt, Insight Property Group
Financing Purpose-Built Rentals
Purpose built apartment projects, have traditionally relied primarily on four types of financing: equity partners, mezzanine loans, construction loans, and take-out permanent loans. Apartment developers can benefit from CMHC financing and a leveraged capital stack. Experienced financiers will guide the developer in the financing process. In this session we will cover:
- The pros and cons, and cost, of an equity partner
- Mezzanine financing strategies
- Construction Loans
- Take-out permanent financing
Mike Scott, CFO Capital
Krissy Fry, CMLS Financial
Rod Hunt, Royal Bank of Canada
Mark Kay, CFO Capital
Stephen Stewart, Centurion Asset Management
Lunch Keynote Speaker
Tony Irwin, Federation of Rental-Housing Providers of Ontario (FRPO)
Developing a Marketing Strategy
Marketing begins while a project is still on the drawing board and does not end until a project is sold. In the purpose-built apartment development business, developers cannot create a market where one does not already exist. A developer must understand their target renters and design and build the apartment building with those specific renters in mind. Marketing is not a one-size fits all solution. In this session we will cover:
- Defining the Marketing Strategy
- The Marketing, Leasing, and Training Plan
- The Marketing Budget
- Public Relations
- Advertising Strategies
Tami Siewruk, Multifamilypro
Operations and Management: Maximizing Value Through Professional Management Techniques
No matter how well it is designed and built, an apartment project will be profitable only if it is well managed. New apartment construction management is different than traditional apartment management of an older, stabilized asset. New property management strategies must be used. Further, management must be competent at many levels for a project to succeed. In this session we will cover:
- Hiring, training, and paying leasing Staff
- Turnover & Lease Management
- Lease-Up Strategies for maximum rent & value creation
- Creating a customer service experience to drive rental rates
Lucy Gouveia, Greenwin
Peter Altobelli, Yardi
Trish MacPherson, CAPREIT
Zola Mehlomakulu, Skyecord
Refinancing and Selling The Asset – How to Get The Deal Done
One of the great advantages of owning apartment assets is the ability to refinance it and take out the additional financing proceeds tax free. As the NOI increases over time, savvy owners will refinance their properties regularly to take advantage of the tax-free cash they receive by obtaining larger mortgages. Some developers will choose to keep their asset, and some will choose to sell on certificate of occupancy, partial lease-up, or when fully leased-up.
- Never Sell: Creating a legacy for your family by leaving them a portfolio of cash-flowing apartment buildings
- If you sell, how Should you do it and when?
- What’s the liquidity of a forward sale, an empty building, and a stabilized apartment building?
- The common mistakes developers make when selling a newly-built apartment building
- What percent commission should you pay your broker?
Derek Lobo, SVN Rock Advisors Inc., Brokerage
Harvey Russell, CBRE Limited
Closing Panel: Apartment Developers
Given the broad range of issues that were raised over the last day and a half, a panel of some of the largest apartment developers in the country will offer the last word. Representing a cross-section of Canada and the Canadian apartment landscape, the panel will offer their insights on what risks and opportunities lie ahead, and what courses of action would they suggest accordingly.
- Should you build?
- What should you build?
- What’s the depth of the market?
- How much rent can you charge?
- Should you build to keep, or build to sell?
- If you sell, who will buy?
Moderator: Paula Gasparro, CMLS Financial
Phil Fraser, Killam Apartment REIT
Francis Lépine, Lépine Corporation
Brian McCauley, Concert Properties Ltd.
Greg Romundt, Centurion Asset Management Inc.
Michael Smith, ONE Properties
Oren Vered, Vered Group
The program is not final and is subject to change with no notice. Additional details to come.
AptCon 2019 Speakers
Pelican Woodcliff Inc.
VP Sales & GM Canada
Yardi Canada Ltd.
Currently, Peter leads Yardi’s presence in Canada with a focus on fostering client partnerships and introducing innovative products that drive growth and increase efficiencies. Peter’s commitment to the real estate industry includes participation as an active member of the Ryerson University Real Estate Advisory Committee and a board member of the Hamilton District Apartment Association and the Greater Toronto Apartment Association Charitable Foundation. A lifelong Hamilton resident, Peter is married with three children and received a diploma in Computer Technology from Mohawk College.
Senior Vice President
Linnea’s current responsibilities are varied and include running the Project Management Portfolio at Chamberlain. Linnea is totally committed to the production of clear, concise and complete construction documents. Her strengths are in building the project requirements, and managing the constraints of the project management triangle, which are cost, time, scope, as well as quality. Linnea is passionate about social responsibility. She sits on the Board of Directors for Woodview Mental Health and Autism Services and is a senior volunteer with the Aga Khan World Partnership Golf.
Linnea enjoys collaborating with like-minded firms and forward-thinking owners to maximize the benefits of their collective experience.
President and CEO
Killam Apartment REIT
Mr. Fraser holds a Bachelor of Commerce from Dalhousie University (1983), a Master of Urban and Rural Planning from Technical University of Nova Scotia (now Dalhousie University) (1988), and a Master of Business Administration from Saint Mary’s University (1988).
Mr. Fraser is a member of the Board of Governors and the Executive Committee at Saint Mary’s University.
Vice President, Real Estate Finance
Prior to joining CMLS in 2018, Ms. Fry spent 12 years with Canada Mortgage & Housing Corporation (CMHC), most recently as the Manager of Multi-Unit Client Relations. Krissy has obtained a Bachelor of Commerce degree with a concentration in Finance from Saint Mary’s University and a Master of Business Administration from the University of Ottawa.
Senior Vice President, Development
Founded in 2002, KingSett has raised $9.8 billion of equity for its Growth, Income, Urban and Mortgage strategies. Currently, KingSett owns interests in a $13.4 billion portfolio of assets. KingSett continues to seek further opportunities to invest in a wide range of real estate properties, developments, joint ventures and mortgage lending.
Prior to joining KingSett Capital, Mark was Vice President Development at CentreCourt Developments. Mark has overseen high rise multifamily developments in Toronto for over ten years. Prior to coming to Toronto, Mark spent nine years managing mixed-use developments in urban centres along the eastern seaboard.
Vice President, Real Estate Finance
Prior to joining CMLS in 2018, Paula held senior management positions at Canada Mortgage & Housing Corporation (CMHC) for 16 years, bringing in depth expertise in commercial underwriting, product development, and policy.
Director, Marketing & Leasing
Lucy began her real estate career with RioCan. She has since worked in a marketing and communications capacity with national firms such as Canadian Tire REIT, MetCap Living, Timbercreek Asset Management and Realstar Residential. In her current role, she oversees the marketing for more than 16,000 rental suites, 1,000,000 sq.ft. of commercial space and several new development sites throughout Ontario and Quebec.
Vice President, Real Estate Finance
Prior to joining CMLS in January 2018, Jessica worked at CMHC for 8 years, most recently as the Manager Multi-Unit Client Relations, bringing in depth expertise in this area. Prior to CMHC, Jessica was in banking for 10 years at a local Credit Union holding numerous positions. Jessica has completed the University of Calgary Real Estate Development Certificate program, the Mount Royal University Four Pillars of Management program, and is currently working on her Certified in Real Estate Finance (CRF) and Certified Property Manager (CPM) designations through the Real Estate Institute of Canada.
Managing Director, Real Estate Lending
The Royal Bank of Canada
role. He currently is responsible for managing RBC Canadian Banking’s commercial real estate portfolio including both the construction and development exposure as well as the commercial mortgages. This includes the overall strategy, and lending policies for this important business segment. He is involved in the development and strategies for all of the Banks large commercial Real Estate clients. His team assists in the structuring of larger transactions for these clients. In addition he has responsibility for RBC’s CMBS group. Before this current role he worked in a variety of areas at the Bank including commercial account management, commercial sales management, risk management and finance.
President & CEO
Federation of Rental-Housing Providers of Ontario (FRPO)
Mark’s expertise in strategic debt structuring spans every asset class including multi-residential, student housing, hotel and resort, retail, office, medical, and single purpose properties for both construction and term financing. He has established a large network of commercial mortgage lenders and industry professionals to form a global team which creates control and leads to success.
Prior to CFO, Mark worked in Commercial Real Estate at the Business Development Bank of Canada, specifically focusing on owner user, investment properties, management buy-outs and company acquisitions.
Mark is a graduate of the University of Toronto having completed a double major Honours in Finance and Economics.
CEO & Broker of Record
SVN Rock Advisors Inc., Brokerage
Executive Vice President Operations
President & Chief Operating Officer
Concert Properties Ltd.
In 2001, Brian guided Concert’s expansion in Ontario leading the development of assured rental housing in Toronto in joint venture with OMERS. Marking Concert’s 20th anniversary, Brian was named President on June 1, 2009. In June 2017, Brian assumed the role of Chief Executive Officer and oversees the operations of Concert’s real estate activities across Canada.
Brian is Past Chair and current board member of the Urban Development Institute Pacific Region, a past director of BILD, and a current Board member of Junior Achievement BC.
Jon is the complete package. A skilled and creative Architect as well as an excellent communicator.
Jon has the ability to adapt the Architectural vocabulary and style for a project specific situation. Jon is well skilled in developing compelling and memorable value propositions and to relate them effectively to the project team. The methods and approaches that Jon employs, are very effective to managing communication challenges in the Architect-client relationship. Jon and Chamberlain, are the Bridge between Magic and Logic.
Jon has worked with numerous developers and owners, on many hotel and multi residential projects both domestically and internationally, to create creative living environments and vibrant communities that meet the requirements of developers Proformas and City requirements.
President and CEO
Centurion Asset Management Inc.
Senior Vice President
VP of Business Development
Prior to joining the CFO team, Mike was a top-rated sales manager and business developer with TD Financial Group. He spent over 25 years effectively building and nurturing strong relationships in the National Accounts, Commercial Banking and Business Banking groups.
Mike is a graduate of Western University, earning his BA in Economics in 1985 and completing his Honours Business Administration degree, at Ivey School of Business, in 1987.
Chief Imagination Officer
Vice President, Mortgage Investments and Joint Ventures
Centurion Asset Management
Senior Vice President, Multi-Family
Michael has extensive experience in acquisitions, development and planning for mixed-use, high-rise commercial and residential development projects. With a distinguished career in land acquisition and multi-family development, Michael has a history of positively impacting long-term success in an extremely strategic manner. He has been involved in the development of in excess of 30,000 multi-family residential units, hotels, community facilities and mixed-use developments.
Prior to joining ONE, Michael worked for reputable residential development companies, and lectured with the Schulich School of Business at York University with a focus on Real Estate and Infrastructure.
Director, Research and Consultancy
SVN Rock Advisors Inc., Brokerage
Insight Property Group
Before joining Insight, Brendan worked as a staff architect at SK+I Architecture, where his team designed multifamily and mixed-use projects totaling more than 1 million square feet and over $300 million in construction costs for the DC market.
Prior to SK+I, Brendan worked in China and the Middle East, where he provided development consulting and design services for commercial clients, educational institutions, and international development organizations.
Brendan is a member of the Urban Land Institute (ULI), where he is a member of the Housing Initiative Council, and is currently enrolled in the Regional Land Use Leadership Institute. Previously with ULI, Brendan has served on committees within the Young Leader Group and NEXT.
Brendan holds a BA in Economics from George Mason University, and a Master of Architecture degree from the University of Toronto. He is a LEED Accredited Professional.
AptCon 2019 Registration Fees
All registrations include light breakfast, morning refreshments, and luncheon.
HST is not included.
Price is in Canadian Dollars.
For information about Group Registrations (5+), please contact Stefanie Schopen.
AptCon 2019 Sponsors
Hotel & Travel Information
2019 Exclusive Hotel Rate
SVN Rock Advisors has negotiated preferential hotel rates at the Sheraton Centre Toronto Hotel – the same location as the conference – for Monday May 27, 2019.
Rooms are available at a reduced rate of $289 per night.
Attendees are able to make their own reservations by calling in toll-free at 1-888-627-7175 and stating that they are part of the SVN Rock Advisors’ group, or simply use the dedicated reservation link.
Venue & Directions
Sheraton Centre Toronto Hotel
123 Queen Street West
Toronto, ON M5H 2M9
Toronto Pearson International Airport (YYZ)
Take Highway 427 South to Queen Elizabeth Way East, merge onto Gardiner Expressway East. Exit onto York Street and go North. Turn right onto Queen Street.
Billy Bishop Toronto City Airport (YTZ)
Take the Gardiner Expressway East and exit at York Street. Follow York Street north and turn right onto Queen Street West. The hotel will be on your right.
What’s a Deal Room?
It’s where people meet to develop apartments.
It’s where stakeholders from across Canada come together to talk about structuring deals, joint ventures, partnerships, and alliances.
How does it work?
Alongside The 8th Annual AptCon: The Blueprint for Rental Apartment Development Across Canada, we are happy to announce that we will be holding the popular Deal Room.
Arrange a one-on-one meeting with Derek Lobo, or another member of the SVN Rock team, to discuss the details of your project. We will help you determine exactly what you need to move forward with your project, and we will use that information to connect you with the experts in New Apartment Construction in Canada to ensure your project is a success.
Registration for AptCon is required. No additional fees for access to the Deal Room.
Terms and Conditions
Cancellation and modifications must be advised by email to firstname.lastname@example.org and include your name and confirmation number.
Modifications & Substitutions
After May 15, registration modifications or substitutions will be subject to an administrative fee of $75. This fee will also apply to modifications on site.
Cancellations & Refunds
Registration cancellations received on or before May 15 will be refunded 80% of all fees paid. After May 15, refunds will not be made for cancellations or no-shows.
Please note that speakers and program are subject to change to without notice.
By attending this event, you may be the subject of still photography or videography which is used by SVN Rock Advisors Inc., Brokerage for purposes of promoting future events. By attending, you agree to grant SVN Rock Advisors Inc., Brokerage the right to use your likeness in any photographic or video coverage of the event.
By registering for this event you agree to all of the above policies.
Visa Information & Letters of Invitation
Pertaining to the New Apartment Construction conferences and workshops in Canada; SVN Rock does not issue formal Visa invitation letters, supporting letters, nor correspond with embassies regarding entrance to the country or attendance at the selected event. An administration fee of $175 is applicable to each registration which is non-refundable. To register, please contact Stefanie Schopen with credit card details, include a photocopy of your passport verification page, both sides of your credit card and fax to 905-319-2528. Thank you for your interest and understanding.
Electronic Travel Authorization – Visa Exempt Foreign Nationals
As of March 15, 2016, visa-exempt foreign nationals are expected to have an Electronic Travel Authorization (eTA) to fly to or transit through Canada. Exceptions include U.S. citizens, and travellers with a valid Canadian visa. Canadian citizens, including dual citizens, and Canadian permanent residents are not eligible to apply for an eTA. However, from March 15, 2016 until Fall 2016, travellers who do not have an eTA can board their flight, as long as they have appropriate travel documents, such as a valid passport. During this time, border services officers can let travellers arriving without an eTA into the country, as long as they meet the other requirements to enter Canada. Find answers to your questions about the leniency period.
Please call 905-331-5700 x 232 or email email@example.com.