Q&A with a Professional – Multi-Family Residential

Q&A with a Professional – Multi-Family Residential

We sat down with one of Shindico’s property managers, Alex Akman, to discuss Winnipeg’s multi-family market.

1. Does Shindico have plans to develop any new multi-family buildings?

Grant Park Pavilions, Westport Festival and The Shops at Kildonan Mile are slated to be home to new multi-family projects. Grant Park Pavilions and The Shops at Kildonan Mile offer unrivaled infill locations, while Westport Festival is in desirable west Winnipeg. Because all these sites will be large scale multi-use projects, the buildings will have high walk scores that can’t be replicated anywhere else in the City. For example, residents at Grant Park Festival will be able walk to Walmart, Sobeys, Starbucks, the Pan Am Pool, numerous gyms, Grant Park Shopping Centre and more.

2. What on-site amenities can distinguish your building from the others?

With more product than ever for prospects to choose from, amenities are one of a few key differentiators. In major cities across North America, new purpose-built rentals have amenity spaces that rival 5-star hotels. Pool, hot tub, gym, sauna, steam, meeting rooms, party rooms, and guest rooms are common. Accommodations for parcel delivery and pets are some of the newer features. Landlords must upgrade common areas and develop or re-purpose amenity space to keep up with the latest trends.

3. Micro apartments are already popular in areas like Seattle, San Francisco and New York. Will we be seeing the trend coming to our area?

Micro apartments are popular in large cities where rental rates per square foot are among the highest in the world. As more and more millennials flee to urban centres, we foresee more micro units coming to market in places like Toronto, Hong Kong, New York and the other cities mentioned.
Unit sizes in Winnipeg have shrunk over time, but we do not think true micro units (under 300 SF) will be developed in the near future. As land costs are still reasonable compared to other cities in Canada, larger suites are one of Winnipeg’s competitive advantages. 

 

About Alex Akman, Manager, Property Management & Development

Alex joined Shindico in 2015 as an Asset Manager. Prior to joining Shindico, Alex worked at Deloitte and Capco in consulting roles. In addition to managing a portfolio of multi-family, industrial, and retail assets, he is involved in business development, acquisitions and new construction. Alex is a detail orientated, analytical person that brings out the best in his teammates.
Alex earned a Bachelor of Commerce (B. Comm) at the University of Toronto, as well as a CPA, CMA designation. He is in the process of completing the CCIM program.
Alex serves as the Chair of the Manitoba Building Owner’s and Manager’s Association (BOMA) Young Person Committee.  

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