+Hungerford Properties follows a core set of values as it develops and manages properties in numerous markets throughout Western Canada.
“We are very cognizant of risk and are continuously focused on minimizing risk and maximizing investor returns.”
> Andrew Hungerford, partner
Hungerford Properties Headquarters: Vancouver
Specialty: Real estate investment, development and management
Hungerford Properties is poised to take advantage of the changing market conditions and emerging investment opportunities. Hungerford Properties and its investors were well positioned entering the global recession as they did not acquire properties at the cyclical high and have a strong balance sheet ready to take advantage of the emerging acquisition opportunities.
Hungerford Properties recently has completed the successful and awardwinning 345-unit residential project in Greater Vancouver called MacPherson Walk, which has turned a lot of heads. Hungerford Properties is growing quickly and is aiming to become a regional player over the next decade. It is in the process of raising a new real estate private equity fund which aims to take advantage of emerging real estate investment opportunities.
Properties recently has completed the successful and awardwinning 345-unit residential project in Greater Vancouver called MacPherson Walk, which has turned a lot of heads. Hungerford Properties is growing quickly and is aiming to become a regional player over the next decade. It is in the process of raising a new real estate private equity fund which aims to take advantage of emerging real estate investment opportunities.
Recent Success
MacPherson Walk, located in Burnaby, BC, is centrally located in the Greater Vancouver area. The property was originally an industrial park that Hungerford Properties rezoned to residential, assembled neighbouring sites to make it a bigger development, performed environmental remediation, and then redeveloped the property. The entire project was pre-sold and completed ahead of schedule, despite a difficult market environment. “We are very cognizant of risk and are continuously focused on minimizing risk and maximizing investor returns,” Partner Andrew Hungerford says. “This philosophy is particularly important during difficult market conditions where volatility can erode returns quickly.”
Hungerford will launch pre-sales of the third phase in the MacPherson Walk community this winter. MacPherson Walk North will contain 120 oneand two-bedroom wood-frame apartments and will build upon the established track record of the developer.
Business Strategy
Hungerford Properties is a real estate investment, development and management company. Hungerford Properties manages more than 1 million square feet of industrial, office, retail and residential properties. The firm is focused on a value-add investment strategy whereby it acquires older (Class B and C) incomeproducing properties and use valueenhancing strategies such as refurbish ment and redevelopment.
Properties are often located near expanding urban cores, gentrifying neighborhoods, and along transit oriented development areas. For example, the MacPherson Walk property was a Class B industrial park located across the street from an established community and a reputable school. It also is just two blocks from an important rapid transit line called Sky Train.
Team Work
Hungerford Properties has an impressive management team. The three partners of Hungerford Properties are George Hungerford and his two sons, Michael and Andrew.
George has a long and successful track record of investment in real estate. He is well regarded as a community leader and has been awarded the Order of Canada, is a Queen’s Counsel lawyer, an Olympic Gold medalist and was awarded the Lou Marsh Trophy as Canada’s top athlete.
Michael has an MBA from Stanford University, has a strong operations background where he oversees the development management, property management and sales and marketing at Hungerford Properties. Michael brings international perspective to the company having lived and worked in China and the United States for many years.
In addition, Andrew has an MBA from Stanford University and is a Chartered Accountant and Chartered Financial Analyst Charterholder. Andrew also lived abroad in Asia, the United States and United Kingdom, where he worked in acquisitions and asset management in real estate private equity at Deutsche Bank RREEF and for a Morgan Stanley co-sponsored fund. Michael and Andrew’s international experience bring a high level of sophistication and best practices to Hungerford Properties.
Focus on Western Canada
Income property values across the globe have been in decline as rents have fallen and vacancy and capitalization rates are rising. Western Canada looks well positioned to recover more strongly than many other countries and regions. Global population growth and the industrialization of the developing world bode well for rising demand and prices of commodities. The long-term demand for commodities translates into an optimistic outlook for Western Canada to have outperforming economic growth.
Hungerford Properties stayed out of the market during the real estate bubble. “We have a long-term view on investing and could not make sense of the underlying valuation fundamentals during the peak of real estate pricing,” Andrew Hungerford says.
Hungerford Properties is not dealing with troubled assets like many other real estate companies, and, as a result, has an untarnished track record and strong balance sheet. Hungerford is actively pursuing acquisitions as more attractive investment opportunities are appearing. The new real estate private equity fund that Hungerford Properties is raising aims to take advantage of these attractive opportunities. The Fund approach offers investors diversification and a balanced approach to risk. Hungerford Properties is raising equity from high networth individuals, endowments and trusts, and invests alongside investors to ensure interests are aligned. Hungerford will continue to investin key Western Canadian markets in Vancouver, Edmonton and Calgary, where it has established relationships