Repositioning of Residential Buildings

During the nineties, TMSA acquired a number of financially distressed properties that needed substantial work before being resold.

Some of these properties are presented here:

Condominium projects that were unfinished and/or required complete restructuring before being sold 12 to 18 months after their acquisition.

Les Dauphins-sur-le-Parc, Montréal TMSA acted as consultant on this project for two big mortgage lenders. After doing a complete assessment and repositioning of the condominium complex, the firm implemented a program to correct the buildings' weaknesses in order to ensure viability and optimize the return on investment. After an aggressive marketing campaign, TMSA found buyers for the 250 unsold units within 3 days, a real estate first!

Le Square de Lanoue, Ile-des-Sœurs This rental property was converted to a condominium complex. It took less than 12 months to complete the conversion, including renovations, which allowed the property to be put on the market quickly despite the presence of tenants.

Cascades Saint-Laurent, Saint-Laurent When TMSA bought this 199 unit condominium complex, its common areas and 71 unsold units were unfinished. After sorting out the situation with the existing owners, the 71 units and the common areas were completed, and the 71 units were sold within 15 months.

Le Biarritz, Ile-des-Sœurs When TMSA acquired this 50 unit condominium complex, 34 units were incomplete. After major work on their interiors and an aggressive marketing campagin, they sold out in less than 10 months.

Le Club Azur, Magog TMSA purchased this real estate portfolio comprising 68 condominium units and a number of defaulted mortgages with multiple pending lawsuits. The firm set up an association of condominium owner groups and completely renovated the whole site, which doubled the market value of the property and at the same time resolved the defaulted mortgage situation. Within a year after purchase, 68 condominiums were sold after just two weekends of aggressive marketing.

Le Saint-Sauveur Club, Saint-Sauveur In this case, TMSA turned the property around by resolving all the conflicts between the condominium owners and certain mortgagees. The group also took over the management and international rental of hotel units that were part of the Manoir Saint-Sauveur condominium complex.