RealStreamTM Income Properties LP — a real estate investment offering of DeLuca Veale Investment Counsel — has added the Van Isle Veterinary Hospital to its portfolio of Vancouver Island properties. The Courtenay building is 10,000 square feet.
Last year, RealStream acquired Timberline Village, a 30,000 square foot shopping centre built in 2013 in Campbell River. The deal was worth $11 million.
RealStream is the first of its kind to be offered and managed by a locally-owned portfolio management firm. The goal is to provide conservative investors a professionally-managed portfolio of income-producing real estate that will help fund a comfortable retirement.
“We’re an investment counsel, wealth management firm,” said real estate investor/appraiser Jim Stewart, who joined DeLuca Veale to start the real estate division. “Up to now, they’ve had a successful stock and bond portfolio. Now we have a real estate portfolio as well. Our investors have access to all three asset classes.”
While the team is focused on acquiring real estate for Island-based investors, RealStream has seen interest come in from investors around B.C. It targets a total annual average return of seven to nine per cent net of all fees.
RealStream has been over-subscribed for both initial purchases, and is building a subscriber list of interested investors looking to participate in the portfolio.
“We’ve got a waiting list of people wanting to get in, Stewart said. “Unfortunately, we didn’t clear our waiting list on this last purchase, so now we have even more people waiting to get in. It’s a good problem to have.”
Established in 2006, Comox-based DeLuca Veale is an independent portfolio management firm offering discretionary investment management, investment counselling and personalized service to medium to high net worth clients throughout B.C. Jonathan Veale and Richard DeLuca are the founding partners and portfolio managers.
Last year, the company created RealStream along with Stewart.