Several investors buy and sell apartment buildings, but few developers produce purpose-built rental blocks. The big exception is Concert Properties, controlled by 19 pension plans and headed by David Podmore, who has a nugget of advice for wise competitors: "We don't build to sell; we build as long-term investments. Pension funds need that." The first rental buildings Concert did were in 1992, in Vancouver. Concert still has some of its original tenants, and he attributes that in part to quality building management and maintenance. "Good tenants appreciate that, and retaining good tenants is so important. The reliable, happy tenant is absolute gold," says David. (We've heard erratic, angry tenants usually steal stuff from the lobby.) David's BC-based company is nearing completion of the 29-storey, 463-unit Motion tower at Bay and Dundas.
So what if nice guys often finish last, nasty jerks never achieve their potential. stephen.wickens@bisnow.com
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