Vancouver Island portfolio management firm De Luca Veale Investment Counsel has launched a new income-producing real estate investment.

Dubbed RealStream Income Properties LP, the new investment is the first of its kind to be offered and managed by a locally-owned portfolio management firm. The goal is to provide conservative investors with a professionally-managed portfolio of income-producing real estate.

RealStream has acquired its first investment property known as Timberline Village, a 30,000 square foot shopping centre in Campbell River, constructed in 2013.

It will be purchasing larger, high-quality income properties typically reserved for pension funds or publicly-traded REITs. In purchasing larger properties, RealStream is looking to afford local investors an opportunity to invest directly in these types of properties without needing to form their own investment group.

The partners, Richard De Luca and Jonathan Veale, invited real estate appraiser and former Vancouver Island deputy assessor Jim Stewart to leave BC Assessment and join them in operating RealStream. Since Stewart鈥檚 arrival in January, De Luca Veale completed the additional securities registration required to offer RealStream directly to investors.

鈥淚 love what RealStream is doing,鈥� said Jason Winton, Colliers International vice-president and managing broker at Colliers Mid-Island. 鈥淏y pooling the funds of a number of investors, RealStream affords each investor the opportunity to leverage the management team鈥檚 expertise and own larger, high-quality Vancouver Island income-producing real estate, which is often unattainable to the individual buyer.鈥�

The minimum investment for RealStream is $100,000. It targets a total return of seven to nine per cent. RealStream was over-subscribed for the initial intake of investors in August. An investor wait-list is being created.

Learn more about De Luca Veale and RealStream at www.delucaveale.com or call 250-890-2000.