OVER DEZE AFLEVERING
A vacant fourplex in Kitchener had four old garage bays in the basement. Ara Palladian saw something different: space for two more units.
Ara brings a construction and structural background to multifamily investing. In this conversation, he walks through the Kitchener project and explains how his team is converting those garage spaces into two two bedroom walkout units.
The work includes replacing large drop steel beams with flush beams, removing and insulating the concrete slab, and creating more usable headroom. Ara also shares the numbers behind the project. The property was purchased for about $1.25 million. He expects to be all in for about $1.7 million, with what he describes as a conservative appraisal of about $2 million.
Ara and Dave also discuss why Ara prefers purpose built multifamily, why he wants more properties with 15 units or more, and why paying the right professionals can sometimes save far more than choosing the cheapest labor.
Key topics:
- Turning a fourplex into a six unit property
- Using structural and construction knowledge to uncover value
- Replacing drop beams to improve basement space
- Ara’s plan to refinance through CMHC
- Recycling capital into future investments
- Why Ara prefers purpose built multifamily
- Moving toward properties with 15 units or more
- How shorter renovation timelines can reduce holding costs
Guest information:
Ara Palladian is a real estate investor and licensed realtor with a background in construction and structural engineering. He focuses on value add multifamily projects in Cambridge, Kitchener, Waterloo, and Guelph.
Instagram: @PalladianConstruction
Email: arapalladian@gmail.com
Call to action:
Investors interested in buying multifamily properties or discussing potential capital partnerships can contact Ara by email or send him a message through @PalladianConstruction on Instagram.
