Tag: RMG update

Categories
News

Oliver United Apartments Q1 2026 Update

The church is a project that is sitting there. Still excited to make this a reality, the only problem is the current interest rate and lending market is not set up to make this a current or quick reality.

We have worked with a number of different credit unions, and banks and no one enjoyed the project enough. One credit union claimed, oh you used crowd funding, we can not lend on a crowd funded project. How are you going to complete the last two units? All the connections will be plumbed, and set up electrically, and sewer. They could not understand capping all the lines, having everything prepared for final fitting of the last two apartments.

We fully went through the complete financing process with three entities only to be denied construction financing for the project.

We are now adapting as we do and looking for alternatives. We have very favourable zoning and are looking at all available options. The building is fully purchased, with no project interest. The project is just delayed but still incredibly favourable considering the price paid for the building.

The project has zero external debt so no creditors to worry about. The property taxes are limited due to church use on part of the building (exempt from taxes). Most of the utilities are born by the church tenant. Insurance is the other main holding cost. Maintenance is not big thing given planned renos.

Rogers Management Group has the largest share of this deal and we have no reason to do anything other than work to maximize value.

Categories
News

Colton-Fox 1 Bed + Den Reno

Embarking on a challenging journey, we took on the renovation of a unit that had seen better days. With years of water damage in the bathroom and walls coated with tar and dirt, the task was daunting. Our goal? Transform this neglected space into a desirable living area.

The unit was in a state of disrepair, with holes in the walls, cigarette butts littering the floor, and a layer of grime coating the cabinets. An attempt to wash the walls quickly proved futile – the tar and dirt were here to stay.

This was an incredibly tough unit to turn around. The bathroom had been given many years of water infiltration and negligence for the need of a major reno. The walls of the whole unit, as well as the cabinets were coated with tar and dirt. We were a little overwhelmed by the complexity of smoke and tar and what would be the best way forward.

The unit had holes in the wall that were not properly patched, cigarette butts next to the walls and just disrepair and dirt. We tried to wash the walls to see if that would be a solution, short answer – NOPE.

We had a couple options, 1) try to use multiple layers of primer hoping that it would seal in the tar and dirt. 2) tear down the drywall and replace drywall in the whole unit. 3) Drywall over the current filth but just adding one more layer of drywall. 4) float drywall compound over the tar and dirt, sand it smooth, then prime and paint.

We went with option 4, we thought option 1 would not be a long-term solution and option 2 would be extremely costly. We debated between drywall versus compound and our trade – Justin at Gilchrist Brothers Interiors convinced us that option 4 would seal the tar and dirt in and still be a cost effective option. So far so good.

The bathroom needed a complete gut, right down to the studs and beams.

Completely rebuilt the floor, and then mold free drywall. Then a layer of complete waterproofing, followed by tile. What a difference.

The layout of the apartment was not useful. There was one incredibly large bedroom, with one huge closet. We added one wall, two closets and a built in desk in the den. We also added a breakfast nook, with a four-piece kitchen which we think turned out phenomenally.

The unit started coming together, looking more like a place I would want to live. All the big stuff took time, the plumbing in the bathroom was completely gutted and redone, the bathroom was completely redone, the unit didn’t just get a polish it really has a new lease on life.

We knew this unit was going to be a bit of a struggle. But seeing where it started to the finish line shows that some vision and work can make a big difference. Now to get it rented and move the value of the building higher!

Categories
News

Wildfires in the Okanagan.

511 Church
Click on the link to head to Addy to invest in this conversion.

Dear fellow addy investors:

As you may have seen in recent media reports, wildfires are affecting various areas of the Okanagan. Rogers Management Group and addy would like to reassure you that our projects in Vernon and Oliver are not under threat. Both are located in the center of  their respective communities and are very unlikely to be threatened. 

Restrictions on the use of all temporary accommodation by tourists are in effect in and around the Okanagan to allow evacuees the best opportunity to have places to stay. While the Okanagan is amazing for tourism under normal circumstances, please stay away for now unless you absolutely need to be in the Okanagan. 

Heavy smoke is impacting services and transportation. For example, mail delivery in Oliver was stopped yesterday due to air quality issues. Kelowna International Airport suspended all normal operations to concentrate only on firefighting efforts. Firefighters and equipment from across BC have been mobilized to fight structure fires in West Kelowna  

We have suspended some planned renovations temporarily so as not to tie up trades or accommodations unnecessarily. This short delay will not adversely impact the projects or timelines. If anything impacts the properties we all invested in we will update you.

In the mean time, our support goes out to all impacted Okanagan residents and all the firefighters working tirelessly to protect the communities of the Okanagan Valley  

Cameron Rogers

Rogers Management Group