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Cogir Real Estate: real estate with purpose | RENX – Real Estate News EXchange

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Cogir Real Estate

3D representation of Odea Montreal. The name of the project, Odea, is based on the Cree word “ode” meaning canoe which will explain the subtle and stylized symbol of the canoe in the architecture. (Courtesy Cogir Real Estate)

Incorporated in 1995, Cogir Real Estate employs close to 4,500 colleagues who have a passion for real estate. These individuals manage over 250 properties located in the provinces of Quebec, Ontario and Nova Scotia as well as in the United States and oversee more than 5 million square feet of commercial, industrial and office space. The residential portfolio consists of more than 27,500 housing units in Quebec, Ontario and the United States, including a network of over 50 private retirement homes.

With the constant desire to instill a human focus in the industry, to create friendly living environments and to excel every day, each effort is intended to bring purpose to real estate activities. Find out about this unique company with its many abilities.

Our first love: property management

Cogir Real Estate provides its clients with turnkey management services specifically customized to their needs. Over time, the members of our various teams have developed significant expertise in areas such as asset optimization, property repositioning or overall daily operations management. They call upon their expertise to help clients optimize the potential of their properties and to ensure tenant satisfaction, thereby maximizing occupancy.

The creation of diversified and vibrant living environments where people can feel at home is at the core of the company’s DNA. That way, Cogir’s unique business model allows it to develop and manage, under one roof, mixed-use projects that will include neighbourhood businesses, making the life of residents easier.

For example, Humaniti Montreal, the country’s very first Smart Vertical CommunityTM, combines condos, rental housing, a hotel that is part of the Autograph Collection by Marriott as well as commercial and office space. It features restaurants, a food store, a bakery and a wide range of concierge services that are designed to enhance the lifestyle of its occupants.

In cooperation with its clients, Cogir manages all the strategic and operational activities. Always on the lookout for new trends, Cogir works with its partners and offers customized, creative and efficient solutions that are tailored to the conditions of the market in which the asset is located.

Sound operating expense management is a key factor in real estate, and one of the company’s greatest strengths lies in the size of the property inventory it oversees. Due to its size and to the excellent relationship with suppliers, this advantage allows our clients to enjoy a favourable procurement plan.

Property management is a constantly changing industry. Thanks to our clients and to the various challenges they present to us, we work with them to shape the real estate sector of tomorrow. Whether it is through the use of Smart Capex, new marketing strategies or other means intended to increase asset value, there is nothing more satisfying for our team members than to see happy building owners and tenants.

What about real estate development?

That is the second thing that we are passionate about. That explains why Cogir has had its own development and construction division since 2008. It has allowed the company to control and to carry out every step involved in the process of developing and managing projects. This energizing approach enhances Cogir’s success and value creation while speeding up decision-making. Every member takes ownership of the project and endeavours to comply with the highest quality standards.

Mostra rental condos represent a fine example of an innovative project developed and managed by Cogir. This project has been designed to meet current and future rental housing needs. In addition to living in bright and functional apartments, Mostra residents can enjoy a wide range of unique services such as an electric automobile on a shared basis, a bicycle workshop, smart mailboxes, a year-round vegetable garden and a fully equipped common kitchen. Everything is at hand for them to enjoy an all-inclusive life!

This banner, inaugurated in 2017, is rapidly expanding. Greater Montreal is home to four Mostra buildings, two of which are in operation with the other two under construction. There are several more in the pipeline.

In the senior housing industry, Cogir’s recently developed the new generation of Jazz residences. It provides active retirees with all the freedom needed to enjoy the new life of their dreams in an environment that is both stimulating and reassuring.

This new generation of retirement homes offers a modern environment that represents the leading edge of the industry in North America. Among all the benefits available, residents can enjoy private wine cellar space, a choice of meal plans, the use of an electric automobile on a shared basis and Cogir’s exclusive Multi-Service Centre, providing them with access to various kinds of professionals within the building’s premises. But, beyond all these conveniences, residents are cared for by a team with deeply felt human values that works tirelessly to make each day a memorable one.

The company’s growth is speeding up with its expansion in the United States and Ontario

In 2018, the company’s great American adventure began as it partnered with Welltower to acquire four retirement homes in the State of Washington. Only a few months later, another eight residences, this time in California, were added to the portfolio. With the plan calling for a strong foothold in the United States and the wish to provide unparalleled services in line with American values, Cogir Management USA was incorporated in 2020. Currently, there are over 1,000 colleagues in this division, providing the Cogir experience every day to some 1,600 retirees in 17 Cogir Senior Living residences on the American West Coast. It is not over! There are many other acquisitions in the pipeline over the next few months. Construction projects are also being discussed.

Already quite present in Ontario’s multi-residential rental market, Cogir partnered with Fieldgate in 2020 to begin the construction of the very first retirement home under the Bloom banner. Located in Oshawa, the 201-unit retirement home has recently welcomed its first residents. In addition to Cogir’s trademark innovative conveniences and services, the property features a business model that differs from the one currently seen in most of the province’s other residences. Designed to meet the needs and wishes of active retirees, Bloom lets residents pick and choose the services they want instead of systematically including these in the lease. This approach is attractive to active retirees who wish to remain independent while living in an environment where activities and socialization opportunities are plentiful.

The Bloom banner is growing with the opening of its second residence in Stouffville a few weeks ago. A third is under construction in Lindsay, Ontario.

Another first for the company!

The announcement of this unique project, with its very strong human values, is hot off the press! Find out about Odea! This spectacular mixed-use project is the result of a partnership between CREECO, the parent company of Eeyou Eenou Realty Properties Inc. (EERP) and Cogir Real Estate. This project will rise on an Old Montreal site that has belonged to the James Bay Cree since 1995.

“We are extremely proud to work on this project with Cogir and to have our communities take part in the creation of benefits for their members and for future generations,” said Derrick Neeposh, President of the Cree Regional Economic Enterprises Company (CREECO).

Designed by Lemay Architects, in collaboration with Douglas Cardinal, the world-renowned Indigenous architect, Odea Montreal will be a 25-storey project which will include 435 residential units, 264 rental apartments and 171 condominiums for sale. The name of the project, Odea, is based on the Cree word “ode” meaning canoe, thereby explaining the subtle and stylized canoe symbol of the namesake project. The future occupants will be surrounded by bold and functional common areas, such as an artist’s studio in collaboration with the Darling Foundry art complex, green spaces, two rooftop pools, and a sky lounge.

“We are proud and honoured to work with the Cree Nation of Eeyou Istchee in a project that will become one of Montreal’s cultural and architectural landmarks. We believe Odea Montreal will be iconic in so many ways,” stated Mathieu Duguay, CEO of Cogir Real Estate.

What’s next?

Passion results in action and allows for progress with sufficient boldness to create and manage innovative projects that are solidly based.

“We are discussing many mandates and we have quite a few projects on the drawing board, in Canada as well as in the United States. Recent months have led to stronger relationships between all members of the team, and I see a bright future ahead. Together, we will keep on doing what we enjoy the most: instilling purpose in real estate,” says Mathieu Duguay.

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Canadian home sales up 0.2% in December

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Canadian home sales rose 0.2% in December from November even as supply fell to a record low level, data from the Canadian Real Estate Association showed on Monday.

The national average selling price was C$713,500 ($569,161) in December, up 17.7% from a year earlier, the industry group said.

($1 = 1.2536 Canadian dollars)

 

(Reporting by Julie Gordon in Ottawa)

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New analytics tool helps companies take the guesswork out of their real estate needs – Business in Vancouver

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New analytics tool helps companies take the guesswork out of their real estate needs – Real Estate | Business in Vancouver


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Impaired Aging Parents Managing Real Estate – Forbes

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Who’s Minding the Store?

We’re seeing it more and more now at AgingParents.com: elders as landlords who can’t do the management job any longer. Sometimes it’s the adult children who bring the issue to our attention. They see Dad failing maintain those rental houses he has had for decades. If tenants complain, he does not do anything. They see Mom fail to collect rents from her commercial enterprise, a small shopping center. They realize that rentable spaces are vacant and have been for some time. No effort to lease them is underway. The kids are alarmed. It may be a single rental home, a commercial building, a vast portfolio or anything the elder owns. Cognitive decline was not anticipated. No one was paying attention and things go wrong.

Financially successful people often invest in real estate, but for those who manage the properties themselves, we see a lack of planning about how to ease out of the management role. The same problem can occur when a property owner has a long time management company which is not held accountable for its work due to the cognitive impairment of the owner. Again, no one is watching management. It is a perfect opportunity for theft from the owner.

Real Life Examples

In one case a wealthy man owned a rental apartment next to his house. The long time tenant took ruthless advantage of the 85 year old owner and simply stopped paying rent. He lived for free and manipulated the owner into thinking the tenant was giving him help in exchange for use of the apartment when no such exchange actually took place.

In another case the 87 year old owner of an office building with long-term tenants in it did not take steps to terminate a very problematic tenant who had been there for 20 years. The landlord hated her but failed to exercise his rights to simply not renew her lease. Instead he waited for her to give notice that she was going to vacate. He had another person interested in the space, willing to lease it but he seemed confused about what to do to secure that new lease. He managed the property by himself.

Both of those elders who were landlords had adult children who could have stepped up. In the first matter, the rental apartment, the elder resisted the son’s attempts to intervene. The elder did have dementia but functioned rather well in other things. He angrily fought his son’s attempts to take over his financial affairs. He had previously appointed his son to do this very thing. The freeloading tenant manipulated the elder into signing an agreement to give the tenant free rent for five years.

In the office building matter, the daughter of the 87 year old was clearly not close to her father and was not paying attention to his confusion. She may have been stopped from getting involved by her father, who was stubborn and unwilling to admit that he was having trouble with managing the investment. In both cases, the only way to prevent abuse and manipulation was for someone appointed earlier to step in and assume responsibility for property management. That works smoothly when the elder is cooperative. It creates a legal mess when the elder resists.

Cognitive Decline and Money Management

Research tells us that even in the earliest stages of dementia or other cognitive impairment, financial judgment is impaired. It is, in a way, the first ability to decline and it is hard to see at first. The older person with impairment for financial judgment can carry on a normal conversation, sound and look okay. But if you asked them about the bookkeeping or accounting, they likely can’t keep it straight. Decline is subtle at the beginning and gets worse over time. Something is amiss before any family member may notice it. Sometimes this leads to loss of value in the property as well as lost income.

What family members can do is to be aware that as a person ages, their sharpness for financial management of property (and other matters too) can slide downhill. If you are aware of aging parents’ real estate investments, it is helpful to educate yourself about them, and to offer to help “in case of any emergency”. Ask your aging parent to teach you about them, even if you know plenty already. This approach can appeal to one’s ego: asking for advice. Do this before you see any sign of a problem and you are likely to be successful in preventing loss of income and value of any real estate they own.

If you simply assume that if Mom or Dad has been managing the family real estate investments for decades and it’s all just fine, you are taking too much chance that it will stay fine. Aging takes its toll. Most of us need some sort of help as we age, especially as we reach 85. By that time, one in three people will have Alzheimer’s disease. If you don’t like those odds, make your best effort to get involved in the real estate they have before the investment loses its value for lack of attention. Fraud is all too common. Predatory real estate brokers, crooked management companies and dishonest tenants can take ruthless advantage of vulnerable elders. Don’t let it happen in your family. If you see your aging parent declining in ability to manage real estate and they fight you on stepping in, it is time to seek legal advice so you can learn what options you have.

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