Scott Stanfield
Record staff
Comox-based RealStream Income Properties LP has acquired another local income property for its investors 鈥� a tenanted building at 519 Fifth St. in Courtenay.
鈥淭his is another superior property that鈥檚 home to several successful local companies,鈥� says real estate asset manager Jim Stewart, a partner in RealStream.
He notes most investors are local, meaning most of the income generated from properties is being put back in the hands of local people.
The opportunity to invest in solid, 鈥渉ands off鈥� investments managed by local professionals, says Stewart, is proving to be very compelling.
鈥淭o date, RealStream has posted strong returns, and investor interest continues to build as more people learn of the opportunity to become investors themselves. Recent declines in global stock markets have also once again reminded investors that additional diversification can be a comforting thing.鈥�
In addition to Stewart 鈥� formerly the deputy assessor of BC Assessments鈥� Vancouver Island region 鈥� the RealStream management team includes Richard DeLuca and Jonathan Veale, founders of Comox-based investment management firm DeLuca Veale Investment Counsel.
鈥淭he rationale for creating RealStream was simple,鈥� explains DeLuca. 鈥淲e believe that adding investment real estate to portfolios of stocks and bonds will enhance returns and stability. The RealStream portfolio is designed to produce income and growth for individual investors wishing to collectively invest in a portfolio of properties that are managed for them.鈥�
Importantly, adds Veale, RealStream is more than property management; it鈥檚 about portfolio management.
鈥淥ur expertise encompasses acquisitions, leasing, financing, dispositions, building improvements and much more,鈥� says Veale. 鈥淢ost people prefer not to spend the years it takes to acquire all these specialized skills when they are already available locally and affordably. DeLuca Veale clients tend to share this perspective.鈥�
RealStream鈥檚 first acquisition, in 2014, was Timberline Village, a 30,000 sq. ft. shopping centre in Campbell River. The following year, it added its second property at 1111 Braidwood Rd. in Courtenay, home to Van Isle Veterinary Hospital. Its latest acquisition on Fifth Street is home to Mosaic Vision Care, Island Dentures, Braidwood Massage Therapy, Buckstone Investments, the Travel Medicine Clinic and the law office of Tom Finkelstein.
鈥淥ur objective is to continue to add more investors and more properties, as additional tenants and locations increase diversification while lowering the impact of individual vacancies,鈥� says Stewart. 鈥淪preading risk and sharing operational overhead across more properties also enhances investment performance and liquidity.鈥�
To that end, he says, RealStream鈥檚 management team continues to scour the market for their next acquisition, and investor presentations will be running locally again soon.
