Highlights

Location: Situated in the Renfrew community of Calgary at 1147 15 Avenue NE.
Development Scope: Conversion of the property into a purpose-built, six-unit residential rental building.
Projected Timeline: 12-month construction period, followed by a five-year stabilized cash flow phase.
Projected Cost: Estimated at $2.91 million, including land acquisition, construction, and carrying costs.
Financing Structure: The issuer intends to secure CMHC MLI Select financing expected to cover up to 95% of costs, with $450,000 in equity raised.
Acquisition Details: Purchased for $776,000, financed with a $582,000 first-position mortgage at 11% interest.
Projected Value: Appraised at $3.16 million upon completion and stabilization.


The Renfrew 2+4 Rendering
The Renfrew 2+4 Rendering

*All transactions will require approval by the EMD on record, Equivesto Canada Inc, subject to suitability review and may be reduced..

View it on Google Maps here.

The Neighborhood

Education

Several schools are located in the district, including Colonel Macleod Junior High, St. Alphonsus Elementary/Junior High, and Stanley Jones Elementary.

Recreation

Renfrew Athletic Park features a full-sized football field, while the nearby Renfrew Aquatic and Recreation Centre offers a swimming pool and a fully equipped fitness room. Adjacent to the recreation centre, the Stew Henry Arena houses an indoor ice rink for year-round skating. Additionally, the Renfrew Community Association maintains a seasonal outdoor skating rink, perfect for winter activities.

Stores

Several convenience stores are clustered in the western portion of the neighbourhood, including the Stanley Jones grocery, occupying one of the oldest surviving structures in the neighbourhood.

Transit and accessibility

The downtown core is only 3,000 metres from Renfrew and easily accessible by city transit, bike, car, or foot. Near The Renfrew 2+4, there are 3 bus stops within walking distance.

About the Developer

mddl’s goal

mddl aims to support the evolution of established neighbourhoods from primary single-family homes to vibrant communities with diverse housing options to support a broader range of Canadians.

what is middle housing?

Middle housing is the housing options in-between single family homes and mid-rise apartment complexes–this includes multiplexes, townhomes, courtyard homes and live-work spaces.

The People Behind mddl

Alkarim Devani and Darlene Jehn are both the co-founders of mddl and the directors of RF15 Limited Partnership.

Combined, Alkarim and Darlene have delivered 500 middle housing homes and supported the delivery of over $500M in Real Estate Projects.

Alkarim Devani, Director

15+ years experience in land development including delivery of over 500 housing units. Alkarim’s work has gained a multitude of media attention and frequently been the recipient of The Canadian Architecture Awards, MUDA Awards, American Architecture Prize, and the BILD Awards. Alkarim participates as a Board Member at Calgary Housing Company and is a frequent guest lecturer at the University of California, Berkeley, and the University of Calgary.

Darlene Jehn, Director

10+ years experience in urban planning and land development. Experience managing a portfolio of over $450MM in land development projects. 8+ years experience in real estate investments. Darlene holds a Bachelor degree in Urban Planning from the University of Waterloo and a Master’s degree in Sustainable Urban Development from the University of Oxford. She is a certified Project Management Professional, a Registered Professional Planner and a Member

The Plan

RF15 Limited Partnership (the “Issuer” or the “Limited Partnership”) was established on September 16, 2024, under the Partnership Act (Alberta), with the purpose of acquiring, developing, and holding real estate, specifically targeting the property at 1147 15 Avenue NE, Calgary, Alberta. The Issuer intends to transform the property into a purpose-built rental building comprising six residential units in the Renfrew community of Calgary. The development will take 12 months to complete, followed by a 5-year stabilized cash flow period, assuming successful financing through the CMHC MLI Select program.

The Market

Demographics in Renfrew

The largest age group: 30-34 year old men and women, followed by 35-39 year old men and women.

Average household size: 2 people

Unemployment rate: 11%

Source: City of Calgary Website

Residential Market Growth in Calgary

Townhouse: The median sale price for townhouse and row units was up 7.3% on a year-over-year basis to $436,825 in the fourth quarter of 2024. Source: Calgary Real Estate Board

Apartment Units: The median sale price for apartment units was up 8.6% on a year-over-year basis to $318,250 in the fourth quarter of 2024. Source: Calgary Real Estate Board.

Rental Market in Calgary

After recording the fastest rent growth among the nation’s largest markets in 2023 with a 14% annual increase, Calgary’s apartment rents declined the most in 2024 with a 7.2% drop to an average of $1,921.

Source: Rentals.ca January 2025 Rent Report

Ways to Payout

  1. Return of Capital (66%): Investors receive 66% of their capital back, assuming a successful CMHC MLI Select application with a 95% Loan-to-Cost (LTC) ratio.
  2. Cash Flow Return (9%): An estimated 9% annualized return is anticipated on the remaining equity in the project, assuming stabilized rental income, controlled expenses, and the achievement of projected property performance metrics following the initial capital return.
  3. Mortgage Paydown ($91,000): Over the 6-year loan term, $91,000 of principal is estimated to be repaid, building equity in the property. This is based on CMHC MLI Select loan terms, including a 4.25% interest rate, 50-year amortization, and monthly payments.
  4. Appreciation ($466,000): Upon sale or refinancing, the property’s value is estimated to generate $466,000 in appreciation. This figure is based on assumptions of future cash flows derived from stabilized rental income and expenses, as well as a capitalization rate of 4.75% applied to projected net operating income. This assumes favourable market conditions, stable operations, and the achievement of financial targets.

Disclaimer: Projections and forward-looking statements are not guarantees of returns. Please refer to further disclosures in Item 9 of the Offering Document.

About Equivesto, the Dealer

Equivesto is on a journey to reimagine how private company investment and fundraising is done in Canada. They believe in a future where access to equity investments and opportunities are not limited by privilege or network. They look to design a tomorrow that is driven on community values and collaboration.

Investing in crowdfunding and exempt market offerings has significant risk. Investors may not be able to resell their securities quickly or at all and the securities may be subject to resale restrictions. These investment opportunities may result in the loss of all or most of your investment. You may receive limited ongoing information about a company or an investment made through Equivesto. Please be aware that investments offered by third-parties through this Equivesto operated offering are risky. You may receive limited ongoing information about a company or an investment made through Equivesto.

What is a Dealer? Learn here.

Equivesto – Important Legal Notice and Disclosure:

Equivesto Canada Inc. is registered as an Exempt Market Dealer under applicable securities legislation in all Canadian provinces and territories, however, no securities regulatory authority has approved or expressed an opinion about the securities offered on this platform. By accessing this site and any pages thereof, you agree to be bound by its Terms of Use and Privacy Policy. Investing in crowdfunding and exempt market offerings has significant risk. Investors may not be able to resell quickly or at all. Exempt market securities may also receive limited ongoing issuer information. You should invest only if you are prepared not to receive any return on your investment and/or lose your investment in its entirety.

Please visit our Learning Centre for more information. You can contact Alex Morsink from Equivesto at support@equivesto.com.

Forward-Looking Statements

Some information contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “intention”, “will”, “may”, “can”, and similar expressions are intended to identify forward-looking statements. Although the issuer and/or dealer (as applicable) believe that the expectations reflected in such forward-looking statements and/or information with regard to a given investment opportunity are reasonable, undue reliance should not be placed on forward-looking statements since there can be no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Furthermore, the forward-looking statements contained in a news release are made as at the date of such news release and there is no undertaking that any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.