History
Langara Properties Corporation was formed in 1994 by its president and owner, Mr. Larry J. Horsman. Langara Properties specializes in the multi-family real estate business - primarily in Alberta. The preferred target markets have been Calgary, Edmonton and Red Deer. Mr. Horsman has been involved in many aspects of the multi-family residential business including acquisitions, condominium conversions, arranging mortgage & equity financing as well as asset management. Mr. Horsman earned a B.Comm and MBA from the University of B.C.
Investment Objectives
Langara’s investment objective is to locate, acquire and develop multi-family properties for its client-investors. Apartment acquisitions have typically been in the size range of 50 to 150 units. Acquisition criteria include a strong community location with a growing employment base; a good site location within the preferred community; good construction quality; good suite mix and suite size component; a competitive market capitalization rate and financing that is either currently favourable or can be paid out upon closing and refinanced.
Research & Analysis
In order to make prudent investment decisions on behalf of its client-investors, Langara relies heavily on its own research and analysis. Langara thoroughly researches the rental apartment environment or the condominium development environment that will influence the property under consideration. Regional, local and community economic conditions are reviewed to ensure that the employment base relative to the target property is likely to remain stable. Detailed rent surveys are conducted to ensure that the rents proposed for the property or the sales targets for a new development are realistic. Sales of apartment properties are continually tracked.