Eagle Quest Properties

His decision was upheld by the Ontario Court of Appeal when the landlords challenged it eight months later. Undeterred, the landlords made an application to the Supreme Court for leave to appeal, at which point the Ontario Human Rights Commission became involved in the case, along with an affidavit from Ms. Hall outlining the arguments the Commission would make if allowed to intervene.

In its submission to the Court, the Commission said that the effect of the zoning bylaw was to restrict students' access to rental housing because of the nature of the students' relationships to one another. It argued such a restriction is inconsistent with the Ontario Planning Act, which states that a municipality does not have the authority to pass a bylaw that distinguishes between people who are related or unrelated with respect to the occupancy or use of a building, including the occupancy or use as a single housekeeping unit.

via Court slams door on student housing case.

Distress is piling up in the multifamily market, but it’s still not as bad as the other real estate sectors, according to the Trouble Assets Radar from New York-based Real Capital Analytics (RCA).
According to the report, 588 apartment communities totalling $8.1B fell into distress (defined as default, foreclosure or bankruptcy) in June.
Apartment Finance Today AFT – September/October 2009 [8 - 9].

It’s nearly back-to-school time and the last thing Pierre Ferland wants to talk about is student housing.

The chief executive of Maestro Realty Advisors, which is 55% owned by Caisse de depot et placement du Quebec, is leaving the student housing business — tired of the endless challenges of upkeep.

“We have four properties and we are probably going to exit them. We didn’t have a lot of success,” says Mr. Ferland. “We underestimated the management side of that business. It’s students, they don’t really care.”

Think John Belushi in Animal House.

via Fiscally frugal fall ambitions.