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Originally Posted by MonctonRad
MU has taken over property management for Ashford residential properties. I don't know how significant a news item this is, but it does make you wonder how enthusiastic Ashford remains regarding their residential portfolio. It's also interesting they have not started construction of the second Lorentz building either.
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I look at their contracting MU as positive. It tells me that they're expecting to own a lot more residential units in the future, and it's simpler to have a professional property management company look after everything rental related. Ashford can then focus on development and construction. Just my 2¢ worth!
I think you're right that we won't see anything happen until next summer. One reason we haven't seen any renders could be that Ashford wants to remain flexible - especially in light of the changing economic conditions. They purchased the Assomption property 6 years ago, and it's likely that their plans have changed over time (maybe more than once). I think the picture will be more clear when they eventually release their plans to the public.
I still find it confusing that there are other developers who have confidence in the Moncton market, yet Ashford is offering rental discounts. Re the $300 discount for 12 months: How many tenants are going to have trouble when their rent goes up by $300 a month at that time? As a former landlord, this isn't something that I would have offered.
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