Smarter deals, stronger communities, sustainable real estate growth
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Pier 4 focuses on sustainable growth, resident well-being, and uncovering long-term value in secondary markets
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WHEN YOU talk to the leadership behind Pier 4, you don’t get the sense they’re in a rush.
It’s not that they’re slow-moving − far from it. With over a century of combined experience across the company, Pier 4 has built its edge on strategic selectivity: seeking out undervalued assets and overlooked markets poised for durable growth.
Rather than competing for high-profile properties in major urban centres, Pier 4 seeks to invest in strong, growing markets where careful stewardship and thoughtful improvements can deliver sustainable value for investors and residents alike.
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 combined with 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.
AUM Growth
2020
“It’s not just about adjusting rents or managing expenses. It’s about persevering Canada’s rental supply and creating better buildings for our residents who live there”
Adam Ashby,
Pier 4
“We look at markets where the fundamentals are strong but often overlooked,” says Michael Ashby, co-founder and CFO. “And more importantly, we focus on acquiring buildings where there’s still meaningful opportunity to create value.”
It’s a model that has proven its resilience in a year marked by uncertainty, and one that aligns resident well-being with sustainable portfolio growth.
Recent acquisitions illustrate this disciplined focus: as of March 31, 2025, Pier 4 had invested in four properties, each with solid infrastructure, well-managed capital expenditures, and significant potential for enhancement. One property in Waterloo, for instance, is just steps away from Wilfrid Laurier University, positioning it squarely in a growing, dynamic neighbourhood.
Adam maintains, “When evaluating opportunities, connectivity is an important factor we weigh carefully because it supports long-term resident satisfaction. It also continues to generate steady demand among individuals seeking to reside in the area.”
But it’s not just smart acquisitions that set them apart. Pier 4’s deep operational expertise, rooted in decades of multi-family renovation experience, enables them to create value at a lower cost than many competitors.
“Before founding Pier 4, we were in the general contracting business for many years,” Adam says. “Through this experience, it has allowed us to create efficiency within Pier 4 by having knowledge of these buildings and to create better spaces for our residents.”
Pier 4’s model is sustained by something more fundamental: a belief in enriching the communities they invest in.
Adam notes, while Pier 4 is focused on generating returns, equal emphasis is placed on enhancing the long-term value of the buildings it owns − improvements that also contribute to the surrounding communities.
That commitment shows up in tangible ways. In a building purchased in late 2024, Pier 4 had invested in retrofitting and upgrading units within months. Plans were quickly underway to renovate corridors and common areas, creating a better living experience not only for new residents but also for the longtime residents who had built their lives there.
“It’s not just about adjusting rents or managing expenses,” Adam says. “It’s about persevering Canada’s rental stock and creating better living experiences for the residents who live there.”
Through this approach, Pier 4 is able to enhance property value while building loyalty and satisfaction among residents. And ultimately, that philosophy strengthens long-term performance of the asset.
“If you look at rental yield − price per door versus the achievable market rent − we’re buying at a low cost per door, which positions us well even in a higher capital cost environment”
Michael Ashby,
Pier 4
Where others see short-term challenges, Pier 4 sees strategic opportunity. A key part of that opportunity lies in identifying properties where rent levels remain well below market benchmarks, giving them room to responsibly enhance returns over time, and doing so without displacing residents or cutting corners on quality.
Unlike investors chasing razor-thin margins, Pier 4 uses this cushion to invest in improvements: upgraded units, refreshed common areas, and thoughtful retrofits that benefit residents today and preserve asset quality for the future.
That mindset is reflected in how the company tracks its markets, monitoring factors like population growth, employment trends, new infrastructure investments, and shifting resident preferences.
“Halifax, for example, has seen a huge influx of new residents, and governments are responding by investing in infrastructure − schools, roadways, public transit,” Michael says. “It’s a strong sign of sustainable long-term growth.”
Even with elevated vacancy rates in some sectors, Pier 4 remains optimistic. “We’re still below the 35-year national average for vacancy,” Adam notes. “Canada today sits around 2.2 percent. There’s still a structural shortage of rental housing, and we see that reflected in demand for our units.”
Pier 4 underwrites every deal with a 10-year capex horizon, and they’re only interested in assets that make sense under that scenario.
“It’s not just about chasing yield,” Adam says. “It’s also about enriching the communities in which we own. That’s kind of our model across the board.”
Michael agrees, and keeps it simple. “We’ve stayed true to our thesis. It’s worked in high-rate times, it’s worked in low-rate times. And we’re just getting started.”
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Investing in communities, not just assets
Building value responsibly
Published May 23, 2025
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Anticipated monthly income cash distributions through DRIP
monthly income
Benefits of investing with us
Easy access to professionally managed real estate investments
diverse portfolio
Investing in properties with identified value-enhancement opportunities
value creation
Long-term growth driven by our value-add strategies in multi-family investments
long-term growth
Potentially reduced volatility in investment period
Low volatility
Experienced management with corporate governance
senior management
A minimum of 30% of excess profits distributed upon property refinancing or sale
Special distributions
Reinvested distributions get a 2% discount on unit cost
discount on reinvestment
Pier 4’s competitive edge isn’t just what they buy − it’s where and how they operate. They focus on mid- to low-rise multi-family buildings in secondary and tertiary cities such as Hamilton, Kitchener, Waterloo, and Moncton.
“These markets are still seeing strong fundamentals,” says Adam Ashby, co-founder and CEO. “People are moving out of the big cities in search of affordability and quality of life. If you’re in the right part of town, near transit, jobs, schools − there’s still meaningful, durable demand.”
When cost of capital isn’t the enemy
“Sometimes expectations on the seller’s side just don’t meet the market or our asset plans,” Michael adds. “And if the numbers don’t work, we don’t force it.”
Of course, none of this works without the financing to back it. And in a high-interest rate environment, capital structure can make or break a deal. Pier 4 is acutely aware of that, especially as it looks to maintain its momentum of continuing to acquire throughout 2025.
“If you look at rental yield − price per door versus the achievable market rent − we’re buying at a low cost per door, which positions us well even in a higher capital cost environment,” Michael explains. “When units turn over, it gives us the opportunity to responsibly align rents with market conditions, while also making upgrades that enhance the quality and comfort of the living space for residents.”
“If you are able to make strategic acquisitions today, it’s very opportunistic,” Adam says. “You’ll look really good in those particular years to come.”
Still, what makes Pier 4 genuinely distinct isn’t just where it buys or how it underwrites. It’s what it does after closing.
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Use far less electricity than generic appliances
Energy Star Appliances
Pier 4 esg
By reducing costs, we are increasing the potential returns to our investors
Comsumes less electricity than standard incandescent bulbs
LED Lighting
The fuel consumption is 85% less than regular boilers, which generates savings of electricity
High-Efficiency Boilers
By replacing toilets with WaterSense-labelled brands, you can
save up to 59,000L of water
every year (-$140)
Watersense Toilets
Enhancing energy efficiency through new windows, upgraded sliding doors, and insulated roofing systems
Building Envelope
2021
2022
2023
2024
Q1 2025
$6.7M
$20.4M
$65M+
$100M+
$158M+
$194M+
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Copyright © 1996-2025 KM Business Information Canada Ltd.