HOMEvest™ is an innovative and progressive corporation that is taking the Edmonton affordable housing crisis head on. Its mission is to provide a full-circle real estate investment program and be a single-source solution that moves real estate projects from conception through completion.
Although interest rates dropped through 2024, housing costs have risen by more than 30 per cent since April of 2020. During the same time period, annual household disposable income has not kept pace, rising by just 2.3 per cent. The need for housing that is not only affordable but also caters to a variety of situations (singles, couples, families, new to Canada, downsizing, rightsizing) is vital. However, it is not just a matter of putting up dwellings – it’s a matter of addressing the need from its core points and causes, and then building accordingly.
This is the ultimate goal of HOMEvest, whose process starts with a feasibility study, which informs the next step – project design. Only then is land acquired, engineered and serviced. HOMEvest manages the construction process, then transitions to the final stage of property management. The results are affordable, innovative, sustainable, comfortable rental properties that anyone would be proud to call home.
“Ken Rosenau, HOMEvest president, believes that Alberta – and especially Edmonton – is uniquely positioned with a combination of scalable infrastructure and affordable rental rates,” says Darren Hart, a partner at HOMEvest. “With up to two million new Canadians arriving over the next three to four years, we saw a need to rethink affordability in the rental market.”
HOMEvest’s Rosenau Terrace is a prime example of this vision.
Ideally situated in the Rosenthal community, Rosenau Terrace (in development) will be comprised of 15 four-plexes and one duplex. Dwellings feature two-storey townhouses all with separate basement suites. HOMEvest’s property management will ensure all the residences are highly maintained and operated to a uniform quality standard.
Tenant comfort and environmental sustainability are built-in factors. To address these key points, HOMEvest is leveraging progressive technology.
“With the goal of sustainability and utility cost reduction for residents, HOMEvest is installing solar panels on each home in Rosenau Terrace utilizing their SUNsave™ initiative. This commitment to sustainability and tenant comfort sets Rosenau Terrace apart from other rental communities,” says Hart. “Lowering energy costs for tenants addresses a critical aspect of affordability. It’s one of several initiatives we have developed to improve the quality of life for residents. In fact, we hope that other developers start looking at other ways like this to achieve affordability in the rental market.”
Utility costs are a significant factor for affordability and housing accessibility. The SUNsave program will reduce electricity consumption by up to 40 per cent, with all of the savings going directly to the benefit of the tenants.
Multi-family units have a reputation for lacking privacy due to noise. HOMEvest has addressed this issue too, by innovating WHISPERwall™.
“Our other initiative, the WHISPERwall, was developed to help navigate one of the most common complaints in multi-family living, which is the noise between units,” says Hart.
Installed between shared party walls, WHISPERwall bolsters the sound transmission class, aka STC, rating beyond code requirements, resulting in substantial noise reduction.
The focus on tenant comfort does not stop there. HOMEvest goes even further with TENANTtuff™.
“TENANTtuff is a specification that we’ve created with three things in mind: style, durability and availability of the products used to build the home,” says Hart, explaining that by incorporating durable products that maintain their appearance over time, the need for repairs and renovations will be reduced, lowering costs for both tenants and property managers. “TENANTtuff has the potential to add value for stakeholders in the rental market due to emphasizing thoughtful design that uses high-quality materials and finishes that withstand wear and tear.”
Energy efficient, quiet, beautiful and durable, few rental properties of this nature in the Edmonton market can compete in terms of value and design. Rosenau Terrace was created to truly have it all, while focusing squarely on the needs of tenants in all ages and stages of life. In addition to SUNsave, WHISPERwall and TENANTtuff, renters will enjoy roomy units that are just over 1,430 square feet. Three bedrooms provide space for growing families, or space for smaller families with room for a dedicated home office or homeschool area. Two and a half bathrooms provide much needed practicality, while an open concept design centred around a roomy kitchen encourages socialization.
The kitchen itself is a special feature, using materials and a layout usually reserved for single family non-rented homes. Focused on the word “gourmet,” home chefs at Rosenau Terrace enjoy an oversized island, quartz countertops, stainless steel appliances and a walkin pantry. Every square foot of the kitchen accounts for the needs of storage, while also balancing the needs of today’s main kitchen function – a multi purpose space to eat, work and gather.
Storage, another common complaint about rental units, is also addressed by HOMEvest. Both the in-suite laundry room and the use of storage spaces into every room (as applicable) make having enough storage easy.
Hart elaborates, “Below each main unit is a 550-square-foot basement suite, accessible via a separate exterior entrance. This one-bedroom, one-bathroom unit offers full amenities, including in-suite laundry and a kitchen equipped with stainless steel appliances. The layout is perfect for either singles or couples who are looking for a compact and economical alternative.
For HOMEvest, location is also a piece of the puzzle for affordable rental housing. Eschewing areas that are on the fringes of the city, Rosenau Terrace is a short walk from major amenities, including the Lewis Farms transit hub.
Additionally, Hart explains, the development will be steps away from another important feature.
“The Lewis Farms Recreational Centre will be a state-of-the-art facility within walking distance of Rosenau Terrace. It’s a great feature that will further draw people who will hopefully stay with us for a long time.”
Rosenau Terrace is just the start. HOMEvest is on a mission to ensure deserving families have a safe and affordable place to live that is not driven solely by developer profit, but also addresses residents’ needs for energy efficiency, quiet spaces, quality finishing, and all in a walkable neighbourhood close to transit, dining, shopping and recreation.
Hart concludes, “HOMEvest’s vision for the future of rentals is to build 1,000 high-quality and affordable units over the next five years, and Rosenau Terrace represents a forward-thinking approach to tackling the city’s housing crisis with sustainable solutions.”
