The best investment partnerships begin with people. Before we introduce any new opportunity to our clients, we take the time to understand the team behind it; their story, their values, and the philosophy that drives every investment decision.

Earlier this year, we travelled to Ontario to meet the leadership of Pier 4, tour several of their apartment communities, and see firsthand how they approach creating long-term value through active asset management.

CLICK HERE to read Pier 4 Highlight Sheet

With Pier 4 executive team in Toronto

Visiting one of their properties in Toronto

Today, we are pleased to introduce Pier 4 as TIMC's newest investment partner. Through our interview below with Mr. Adam Ashby, CEO and Co-Founder at Pier 4, I invite you to get to know the people behind the company, learn what inspired its journey, and discover the investment philosophy that continues to guide its success.

Mr. Adam Ashby, CEO and Co-Founder at Pier 4

TIMC: Every successful company has a story. Could you tell our clients how Pier 4 began, what inspired its founders to enter the real estate business, and the vision that continues to guide the company today?   

Adam Ashby: Pier 4's roots go back much further than the REIT itself. The foundation of our business began in the 1980s when our Chairman and Co-Founder, Darrell Ashby, started a contracting company that renovated apartment buildings throughout the Greater Toronto Area. Through years of hands-on experience, he developed a deep understanding of multifamily real estate and the value that could be created through strategic renovations and operational improvements.

As the business grew through the 1990s and early 2000s, Darrell began acquiring multifamily apartment buildings while continuing to expand his contracting company. During those years, Michael and Adam Ashby worked alongside their father, gaining hands-on experience in renovations, property operations, tenant relations, and asset management.

As the real estate landscape evolved, Michael and Adam began looking for ways to modernize and scale the family's investment approach. That vision ultimately led to the creation of PIER 4 in 2020. Built on decades of real-world experience, Pier 4 was established to provide investors with access to professionally managed multifamily real estate while focusing on value creation through active asset management, strategic renovations, and operational excellence.

Today, the philosophy that guides Pier 4 can be summarized in three words: Realize, Revitalize, Return.

We seek to identify overlooked opportunities and unlock value through meaningful improvements.

While the portfolio has expanded significantly over the years, our vision remains unchanged: to create lasting value for investors, strengthen the communities in which we operate, and continue building a trusted Canadian real estate platform focused on long-term success.

TIMC: What values or principles have shaped Pier 4 since its inception, and how have these helped shape the company's growth and decision-making over the years?

Adam Ashby:  At Pier 4, our growth has always been guided by four core values: Professionalism, Integrity, Excellence, and Respect.

As a family-run business, we believe success is built on trust, hard work, and doing the right thing. Integrity drives how we engage with investors, residents, and partners, while professionalism ensures we maintain high standards across every aspect of our operations.

Our commitment to excellence pushes us to continuously improve our properties, processes, and services, while respect shapes how we treat our residents, investors, employees, and the communities in which we operate.

These values have been at the heart of our decision-making since day one and continue to guide our mission of delivering consistent returns for investors while providing quality homes for our residents.

TIMC: Pier 4 has chosen to focus on apartment communities in Canada's secondary market. What attracted you to this strategy, and what opportunities do you see there that others may overlook?

Adam Ashby:  Before launching Pier 4, we spent considerable time studying the private REIT landscape to identify where the best opportunities existed and how we could differentiate ourselves. Rather than following the crowd, we wanted to build a strategy that was unique. That research led us to secondary markets and smaller multifamily properties. These communities continue to benefit from population growth, affordability, and strong rental demand, while often outperforming larger urban centers across several key housing metrics.

We also intentionally focus on smaller apartment buildings rather than the 100- or 200-unit assets that large institutional investors typically pursue. This allows us to operate in a segment with less competition and uncover opportunities that are often overlooked.

What excites us most is the value-add potential within these properties. If you look at our portfolio today, you'll see a meaningful gap between in-place rents and market rents, demonstrating the embedded upside in many of our assets. Through strategic renovations, active management, and disciplined operations, we work to unlock that value over time.

TIMC: Many investors hear the term active asset management, but what does it mean in practice at Pier 4? Could you share how your team creates value for both residents and investors over time?  

Adam Ashby:  At Pier 4, active asset management means being directly involved in our properties every day rather than simply owning real estate and waiting for market conditions to create returns.

Our Asset Management and Operations teams review and analyze the portfolio on a daily basis to ensure properties are operating efficiently, performing to their full potential, and generating the best possible outcomes for our investors. We take a hands-on approach to everything from capital improvements and suite renovations to occupancy, rental rates, operating expenses, and resident satisfaction.

A key part of our strategy is preserving and improving Canada's existing housing supply while creating attractive opportunities for investors. Rather than focusing on new development, we acquire older multifamily properties where we see untapped potential. By investing capital to modernize and revitalize these buildings, we can improve the quality of housing for residents while creating value through operational improvements, rental growth, and enhanced property performance.

For residents, this means upgraded suites, improved common areas, modernized building systems, and a better overall living experience. For investors, it means unlocking the embedded value within our portfolio through disciplined execution and active management.

TIMC: Markets inevitably go through periods of uncertainty. How does Pier 4 approach risk management, and what principles have helped the company navigate changing economic environments while remaining focused on long-term value creation? 

Adam Ashby:  Real estate is a long-term business, and we've always believed that managing risk starts with focusing on strong fundamentals. Rather than chasing short-term trends, we invest in multifamily properties located in cities that are experiencing economic growth, population growth, and are well-positioned for long-term expansion.

We also focus on building a portfolio that can withstand periods of market turbulence. A key part of that strategy is acquiring properties where we see meaningful value-add potential. If you look at our portfolio today, you'll see a significant gap between in-place rents and market rents. We believe this creates an important layer of protection for investors because there remains considerable value that can be unlocked through active management, renovations, and natural tenant turnover.

Our Asset Management and Operations teams continuously monitor portfolio performance, rental trends, occupancy levels, capital expenditures, and operating costs to ensure we are adapting to changing market conditions and making informed decisions.

TIMC: Our international clients are focused on preserving and growing their wealth across generations. What role do you believe Canadian multi-family real estate, and Pier 4's approach specifically, can play within a well-diversified long-term investment portfolio?

Adam Ashby:  We believe Canadian multifamily real estate can serve as a cornerstone of long-term wealth preservation and growth. Housing is a fundamental need, and throughout different economic cycles, people will always require quality places to live. This creates a level of stability and resilience that has attracted both institutional and individual investors for decades.

At Pier 4, we take that one step further through a strategy focused on active value creation. Rather than competing for large institutional assets, we focus on smaller multifamily properties in growing secondary markets where we believe there is less competition and greater opportunity to create value through renovations, operational improvements, and hands-on management.

We also invest in communities that are experiencing population growth, economic expansion, and strong long-term housing demand. By focusing on these markets and acquiring properties with meaningful upside potential, we aim to create returns from our own execution rather than relying solely on market appreciation.

For investors looking to build and preserve wealth across generations, we believe the combination of monthly income, tangible real assets, inflation protection, and long-term appreciation potential can make Canadian multifamily real estate a valuable component of a diversified portfolio. 

TIMC: Looking ahead over the next five to ten years, what trends do you believe will shape the Canadian apartment market, and how is Pier 4 positioned to capitalize on those opportunities?

Adam Ashby:  We believe three major trends will shape the Canadian apartment market over the next decade: continued population growth, a persistent housing supply shortage, and improving real estate valuations.

Canada continues to face a significant housing deficit, and despite ongoing efforts to increase development, new supply is not being built fast enough to meet long-term demand. At the same time, the cost of new construction remains elevated, making existing multifamily housing increasingly valuable.

We are also beginning to see encouraging signs in the investment market. As interest rates and bond yields have stabilized and begun to trend lower, multifamily cap rates have started to compress in certain markets. Historically, this has often been an indicator of improving asset values and growing investor demand for apartment properties.

We also believe secondary markets will continue to outperform. As affordability challenges persist in major urban centers, more Canadians are choosing to live in communities that offer a better balance of housing affordability, employment opportunities, and quality of life. Many of these markets have already demonstrated stronger rental growth than larger cities.

Pier 4 is well-positioned to capitalize on these trends through our focus on value-add multifamily properties in growing secondary markets. Our portfolio contains a significant gap between in-place rents and market rents. This provides embedded growth opportunities that are not solely dependent on market appreciation. Combined with improving market fundamentals, active asset management, and a long-term investment horizon, we believe Pier 4 is well-positioned to create value for investors for many years to come.

At TIMC, we believe that successful long-term investing begins with partnering with experienced managers whose values, discipline, and vision align with those of our clients. We hope this conversation has provided valuable insight into the people and philosophy behind Pier 4, and why we are pleased to welcome them as TIMC's newest private real estate investment partner.

If you would like to learn more about Pier 4 or discuss how this opportunity may complement your long-term wealth preservation strategy, do not hesitate to contact us.