sold mid-renovation — guided by development analysis
- 80-unit portfolio on 4.77 acres
- sold based on completed value
- purchased by Haisla Nation
listing
description
Kuldo Suites was an ambitious value-add repositioning in the heart of Kitimat — 80 units across 8 strata-titled buildings on nearly 5 acres of land. Built in 1957 during the early wave of industrial expansion, the original construction was never intended to last this long. But through extensive retrofitting — mechanical upgrades, exterior cladding, window replacement, and interior gut renovations — the project was being fully rebuilt down to the studs. When I brought it to market, the work was only halfway done.
Selling a property mid-renovation is never easy — especially in a small, energy-driven market like Kitimat. It required thinking like both a developer and a long-term investor. I had to model stabilized income based on partially completed work, estimate cost-to-complete scenarios, and negotiate a contract based on the future value of the finished asset. That’s a level of planning most brokers can’t offer — but it’s what this deal demanded.
What made this transaction even more meaningful was the buyer: the Haisla Nation.
Representing themselves, the Nation engaged directly in negotiations. I worked professionally and respectfully with their leadership and legal advisors, ensuring a clean, well-documented process that honoured their time and their goals. The result: multiple offers, a competitive process, and a final sale $11k over asking price.
As a Canadian, I’m deeply proud to have worked on this project — and even prouder that it ended with the Haisla Nation investing in housing within their community. For me, this wasn’t just a transaction. It was a chance to bring strategy, foresight, and cultural respect to the table — and see all three deliver results.
investment
thesis
A large-scale multifamily asset in a rapidly growing industrial hub — acquired mid-renovation with a clear path to stabilized income, in a market experiencing once-in-a-generation population growth.
policy
context
Zoned for residential multifamily use, Kuldo Suites sits in a central neighbourhood just minutes from Kitimat’s core amenities. The site aligns with municipal and regional housing strategies, and is uniquely positioned to serve the housing needs of LNG Canada — the largest private infrastructure project in Canadian history — and the growing service economy around it.
buyer
appeal
Despite the mid-construction status, the buyer saw the long-term value clearly. Through clear renovation tracking, transparent documentation, and a future-value model built on realistic cost assumptions, I helped both parties reach a confident agreement. For the Haisla Nation, this acquisition was more than an investment — it was a strategic asset in a rapidly growing region. For me, it was an honour to be involved.
Sold mid-renovation based on stabilized value
Developer-style analysis, clear cost modeling
Purchased by Haisla Nation through respectful process
specifications
Sold Price: $10,998,000
Total Units: 80
Suite Mix: 80 x 2-Bedroom, 1-Bathroom
Year Built: 1957
Lot Size: 4.77 Acres
Rentable Area: Approx. 64,000 SF
Zoning: Residential Multifamily
Renovation Status at Sale:
4 buildings fully renovated
2 buildings partially retrofitted
2 buildings vacant, renovation not yet started
Parking: 80 Surface Stalls
Construction: Wood Frame, Strata-Titled (8 x 10-unit buildings)
Legal Description: Multiple strata titles; PID list available upon request
Location Context:
Walking distance to schools, parks, and retail
Centrally located in Kitimat’s residential core
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