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Tuesday, April 16, 2024

Addy prepares to launch The Lex on Granville Street

Individual investors can purchase of slice of downtown Vancouver apartment building

The real estate crowdfunding investment platform Addy is preparing to launch their first downtown Vancouver property.

This week, Addy launches The Lex, a 45-unit rental apartment building on Granville Street with ground floor retail, built in 2003.

Although all of the units in the building are currently rented, it is completely stratified.

Addy co-founder and CRO Stephen Jagger says the launch is unique as it will allow residents to own a part of the building they are currently renting in. 

“It enables a tenant to have the ability to sit on the other side of the fence, and participate as the landlord and ownership of the property,” he says. “When they get an annual distribution, it will essentially be coming from their rent. It’s a neat way to change the discussion around how property ownership and homeownership works.”

Jagger says The Lex is ideal as an investment as it’s mixed-use, with both rental apartments and commercial retail units, plus underground parking. The current retail tenants are a Subway restaurant and a nail salon.

1249 Granville St - Addy Real Estate investment
The Lex at 1249 Granville Street in Vancouver. Credit: Addy

Video: The Lex on Granville Street

Jagger is bullish on the future of the Granville Street entertainment district where The Lex is situated.

“There are a lot of exciting things coming to Granville, including the Commodore (Bonnis Properties) redevelopment, if they can get that approved — it’s what Granville needs. It’s a city-defining space that would be really exciting.”

Street view looking at Commodore
Street view looking at Commodore. Credit: Perkins and Will via Bonnis Properties

How Addy works

Addy takes a limited partner position in the property, and is part of the ownership stack. For The Lex, Addy is making an investment of $600,000 and dividing that into $1 increments, which individual investors can purchase through the Addy platform.

Addy charges an annual membership fee of $25, but apart from that, there are no other fees. All investors have the same share class.

Investors can expect to receive an annual distribution that goes into their Addy wallets. That distribution can either be withdrawn or re-invested into another Addy property.

The plan with The Lex is to hold the property to generate cash distributions, and generate a profit from the future sale of the property.

This video shows how cash distributions from an Addy property work.

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Peter Meiszner
Peter Meiszner
Peter Meiszner is an experienced journalist and media relations professional, based in Vancouver. As founder of urbanYVR.com, he has been reporting on urban development across the Lower Mainland since 2016, and has also served as vice-chair of the Gastown Historic Area Planning Committee. In October 2022, he was elected to Vancouver city council and is no longer actively reporting for urbanYVR.

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