Owning Apartments with Mark Kenney of CAPREIT

Houses for sale in Ottawa

Aaron and Adam are at the Toronto Real Estate Forum in this episode and are joined by Mark Kenney who is the President and CEO of CAPREIT. He talks about his 22 years at CAPREIT and how they’ve evolved into one of Canada’s largest landlords.

CAPREIT has also expanded into Ireland and the Netherlands, so Mark talks about how Canada compares to these markets. He shares his interesting thoughts on how amenities in apartment buildings influence the renter’s selection and talks about the culture at CAPREIT.

Topics covered include:

  • Why Canada delivers the lowest yield but with bond-like features.
  • What Mark did to get hired at Tridel after completing university.
  • Due diligence when purchasing rental properties.
  • What the CAPREIT portfolio looked like 22 years ago.
  • CAPREIT’s motivation for expanding globally.
  • Heading towards a housing crisis in Canada.
  • Four capital allocation strategies CAPREIT is using for Canadian growth.
  • The “Tinder Effect” on housing.
  • Running a pro forma at the building cost stage.
  • Transitioning into the room renting business.
  • What tenants are saying they want regarding amenities.
  • Building the acquisitions team at CAPREIT.
  • The organizational culture that Mark has helped build.

This episode of Commercial Real Estate Podcast powered by First National was recorded live at the Toronto Real Estate Forum as part of our Forum Series.

For more commercial real estate content, visit the First National Commercial Resource Centre.

More about the guest:

Mark Kenney joined Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), a TSX‐listed company in 1998. CAPREIT’s portfolio consists of over 53,000 residential rental units and land lease sites across Canada and the Netherlands, and manages properties in Ireland.

With nearly 30 years of experience, Mark is a veteran in the multi‐family real estate sector. Mark has been responsible for the growth and leadership of the operations group. He has been actively involved in creating and implementing company policy, directing the property management team and providing strategic oversight of the marketing, procurement, development and acquisitions departments. Mark has the ultimate responsibility over all of CAPREIT’s operations in Canada and Europe, including CAPREIT’s own portfolio in the Netherlands and the Irish Residential Properties Real Estate Investment Trust (IRES) portfolio in Ireland, which CAPREIT manages though its Irish Subsidiary.

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