Built for value: Pier 4 on purposeful growth

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As the REIT expands its national footprint, its founders double down on what sets them apart: internal operations, data-backed acquisitions, and a clear value proposition for advisors

MOST REAL estate firms start with a building. Pier 4 began with a blank sheet and a question: What’s missing in the private REIT market, and how can we be different? The team began by studying the market, not through transactions but by reviewing the structure and strategy of existing private real estate funds. They closely examined investor decks, offering memorandums, and subscription agreements to identify patterns, gaps, and opportunities for differentiation. Their goal wasn’t to follow the market; it was to understand its gaps and design something distinctly more aligned with the needs of both investment advisors and their clients.

Pier 4 is a private real estate investment trust, established in 2020, that harnesses over a century of combined expertise from its visionary co-founders Darrell, Adam, and Michael Ashby, along with their exceptional team. Under the leadership of these three industry experts, and fuelled by their strong passion for real estate, Pier 4 has swiftly emerged as an up-and-coming leader in the multi-residential industry. With a commitment to excellence and innovation, Pier 4 is on a mission to become the go-to choice for advisors in the Canadian low- and mid-rise multi-family market.

Value add 25 Elmwood drive

Overview

“Canada’s housing conversation is often about building more supply. But what about the buildings we already have? We’re preserving that existing stock by investing in properties that need improvement. That matters – and it’s something investors can see and residents can feel”

Adam Ashby, Pier 4

“We weren’t interested in building a REIT similar to something in the market already and dressing it up with new language,” says CEO and co-founder Adam Ashby. “We wanted to create a fundamentally different product from the ground up.” That foundation, built on thoughtful structuring, disciplined acquisitions, a selective approach, and internal management, now supports a growing national portfolio. Five years later, with more than $236 million in assets under management, a national footprint, and a recent rebrand, the company is showing what it means to scale without compromise.

From clear documentation to a straightforward fee structure, the entire model was built with usability in mind. Pier 4 didn’t lead with promises about yield or regional dominance. Instead, it concentrated on designing a real estate product that advisors could understand, communicate, and trust. “Everyone talks about investment strategy,” Adam says. “But what advisors need just as much − if not more − is a product that makes sense, that’s easy to explain, and that doesn’t cut corners.” From the beginning, Pier 4 adopted a hands-on approach that set it apart. Many of its buildings are managed internally, allowing the team to control costs, maintain direct resident relationships, and quickly execute value-add improvements. For Adam, that’s not just an operational preference, it’s central to the investment thesis.

“We look for buildings that are in good shape structurally but need attention to boosting cash flows and decreasing expenses,” he explains. “We’re not only improving these spaces for new residents but for the people already living there. We take pride in bettering these properties across the board.” Improvements might include anything from resident upgrades and surveillance systems to intercom installations, laundry retrofits, and suite renovations. But it’s not just about asset value, it’s about impact.

“Canada’s housing conversation is often about building more supply,” Adam says. “But what about the buildings we already have? We’re preserving that existing stock by investing in properties that need improvement. That matters − and it’s something investors can see and residents can feel.” Pier 4’s growth is driven by discipline. Darrell Ashby, fellow co-founder, brought decades of experience from both real estate ownership and construction. That dual lens was essential in shaping the model. “I’ve worn both the work boots and the dress shoes,” says Darrell. “That matters when you take on a capital project or commit to an asset that’s been neglected. We don’t ignore what residents need. We know exactly what we’re buying, what we need to fix, and what it should cost.”

“We didn’t start with a building – we started with a question: What’s missing in the private REIT market, and how can we do it differently?”

Darrell Ashby, Pier 4

The company’s first acquisition in 2020, a small multi-unit in London, Ontario, quickly grew into a broader thesis focused on secondary markets. Rather than follow capital into crowded metros, the Pier 4 team dug into data on population trends, infrastructure investments, and local vacancy rates. That research led them to overlooked cities in Atlantic Canada and Southwestern Ontario, where solid fundamentals offered meaningful upside. Michael Ashby, CFO and co-founder, says staying patient in a red-hot market was one of the toughest early challenges. “There were times when we were bidding on properties that had dozens of offers,” he says. “But we stuck to our process. We didn’t chase just to compete, we chased fit.”

A perfect neighborhood of family houses in suburban area of Vancouver

A strategy grounded in discipline, not geography

Pier 4 doesn’t chase to compete − it chases fit

Published September 15, 2025

Market

Moncton, NB

UniTs turned over

Pre-average rent

$761

ROI (%)

46%

Capex Spent ($)

$444,935

Post-average rent

$1,308

Suite renovations

Capex highlights

Security cameras

Lobby renovation

Roof repairs

Eavestrough & Downsprout replacement

Corridor renovation

Property rental overview

4.78%

*gap to market

36%

64%

below market rent

market rent

purchase date - august 15, 2022

pre-capex

post-capex

post-RENO

pre-RENO

Market

kitchener, on

UniTs turned over

Pre-average rent

$920

ROI (%)

62%

Capex Spent ($)

$576,731

Post-average rent

$1,295

Overview

Suite renovations

Security cameras

new entrance doors

corridor renovations

laundry room installation & renovation

intercom systems

Capex highlights

35.74%

*gap to market

67%

33%

below market rent

market rent

Property rental overview

purchase date - march 15, 2023

Value add 105-117 onward avenue

By choosing to manage many of its properties in-house, the firm gained tighter cost control, quicker response times, and a direct line to tenant needs. But it also required a culture that could scale. As the team grew from a three-person founding group to a national 70-person operation, maintaining alignment became critical. “One of the things I’m most proud of is that everyone at Pier 4 knows the goals of the company,” says director of human resources Janet Bray. “We talk about them, we revisit them, and people know exactly how their work supports those outcomes.” Bray, who came from large financial institutions, says the clarity and purpose she found at Pier 4 was refreshing and rare. “We’re not looking over our shoulder trying to be like anyone else,” she says. “We’re building a version of Pier 4 that gets better, not bigger for its own sake.” This purpose shows up in the internal communication rhythms as well. From regular town halls and cross-department reports to a monthly culture digest, team members are constantly kept in the loop. Director of finance Jake Levy, who joined the company in 2021, says that level of transparency was one of the reasons he came and why he’s stayed. “I came from public accounting,” says Levy. “I’d worked on audits and seen the back end of a lot of companies. But Pier 4 had a vision that made sense. I joined early enough to help shape it, and four years later, I can still see the impact of what we’re building.” He’s also seen the company evolve, onboarding new systems, scaling acquisitions, and expanding into new markets. “What stands out isn’t just how much we’ve grown, but how deliberately we’ve done it,” he says. “We’ve never lost sight of the original premise.” The company also boasts an employee savings plan, a corporate social responsibility (CSR) program, and a shared understanding of key goals across all levels of staff − things you don’t find in many five-year-old firms. “We punch above our weight class,” says Adam. “We believe in building something enduring, and that starts with how we treat our people.” Even as the team grows, the culture doesn’t dilute. Pier 4 has already been named the 2024 Winner of Canada’s Top Growing Companies and certified as a Great Place to Work® 2025−2026. The achievements reflect Pier 4’s focus on values alignment and employee well-being − something the leadership team believes is inseparable from performance.

Culture as infrastructure

Earlier this year, Pier 4 unveiled a new brand identity, a reflection of the company’s growing professionalism and national recognition. The new look mirrors what the team has already become: a data-informed, people-centred REIT. For Adam, the rebrand is also a signal to the advisor community. “We’re not a niche play anymore,” he says. “But we’re still the same product-first firm that built this thing brick by brick.” The next phase is about intentional expansion. That means continuing to target untapped markets, deepening partnerships with advisors, and building internal systems that support the company’s evolution without losing the personal accountability that got it this far. “These first five years were about proving we could do it,” says Michael. “The next five are about showing how far we can take it − without losing what made it work in the first place.” And for all the talk of strategy, growth, and alignment, Adam puts it in plain terms. “We’ve been through some of the toughest external environments a new firm could face and we’re still here,” he says. “Still building, still improving, still focused. That’s not luck. That’s the product we built doing what it was designed to do.”

A new chapter, same direction

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as of June 30, 2025