That unique focus on a segment of the market often ignored by larger institutional players, low- and mid-rise apartment buildings, typically between 20 and 70 units — is a valuable differentiator. “We deliberately target these assets because they offer a different opportunity set,” says Ashby. Larger REITs compete aggressively for high-rise towers in major cities, often driving prices beyond what makes sense from a value-add perspective. In contrast, Pier 4’s focus allows it to acquire well-located properties in high-growth markets, and the potential for operational improvement is significant.
“For investors, it’s a way to gain exposure to real estate without doing the heavy lifting,” he adds. “And more importantly, it’s exposure to regions with real, measurable growth.”
Looking five to ten years out, Ashby sees continued momentum. Ongoing infrastructure investments – like expanded transit links and regional economic development – are accelerating the growth trajectory of secondary markets. At the same time, affordability challenges in major centres are pushing both individuals and businesses to consider alternatives.
“The supply-demand imbalance in housing isn’t just a Toronto or Vancouver problem. It’s national,” says Ashby. “And as more people look for affordable places to live and work, secondary markets are absorbing that demand. The result is continued upward pressure on rents and property values.”
For Pier 4, the strategy is clear: continue expanding its footprint in Ontario’s secondary markets while deepening its presence in Eastern Canada – and looking beyond, to emerging high-growth regions across the country. Western Canada and select Prairie cities, for instance, are beginning to show similar fundamentals, making them potential future areas of focus as Pier 4 evolves. By focusing on the overlooked, Pier 4 is delivering more than returns. “There’s comfort in familiar names, but the real opportunity lies where fewer people are looking,” Ashby concludes.
