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Paragon Living: Building A Profitable Portfolio of Purpose-Built Apartment Buildings with the help of ICF Technology

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Introduction

In Winnipeg, MB, Paragon Living is positioning itself as a design-build company reshaping the landscape with its unique approach to constructing purpose-built apartment buildings. Led by President Nigel Furgus, Paragon Living is creating a profitable portfolio of properties by harnessing the advantages of Insulated Concrete Forms (ICFs).

Innovative Building Strategies

Paragon’s strategy focuses on constructing 75% of its properties to buy and hold, with the remaining 25% designated for forward sales or fee-for-service. The cornerstone of these projects is purpose-built apartment buildings, such as the Bridgewater and Young Street buildings, distinguished by being designed constructed with Logix insulated concrete forms (ICFs).

The Bridgewater
The Foundation of the Bridgewater
The Bridgewater Under Construction

Cost-Effective Construction with Logix ICF

Firstly, Paragon achieves a 10%-20% construction cost advantage with Logix ICFs. This cost-effectiveness is achieved through design efficiency, minimizing the need for cutting and fabrication on-site. The Bridgewater and Young Street buildings, constructed with 13,133 and 5,758 LOGIX ICF blocks respectively, are testaments to this approach.

Enhanced Energy Efficiency and Financing Incentives

Building with Logix ICF not only reduces construction costs but also qualifies Paragon for significant CMHC financing incentives based on energy efficiency.

These incentives, combined with the cost-effective construction process and the inherent energy efficiency of ICF walls, enable Paragon to offer its apartment units at 10%-20% below typical market value.

Fostering Community and Sustainability

Paragon boasts impressive occupancy rates, with 0% vacancy and 90% customer retention. Targeting young professionals and new Canadians, the company offers competitively priced rents and units with lower heating and cooling costs, thanks to the energy efficiency of ICF construction.

Moreover, the exceptional sound attenuation of ICF-constructed party walls enhances the quality of living for tenants.

Paragon’s buildings are quick to “rent up” and, with exceptional tenant retention, they stay that way. 

Young Street
Young Street Under Construction
Pour Day at Young Street

Creating Lasting Value

Paragon’s buildings, characterized by concrete construction, are low-maintenance, high-profit assets with minimal long-term repair costs – essentials for a healthy real estate investment portfolio. These buildings are attractive to both residents and institutional investors, offering a sustainable and profitable model for urban development.

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Supporting Paragon's Vision

Paragon’s partnership with Logix ICF yields an industry-leading ICF product with full functionality and exceptional service from local manufacturing plant AMC Foam. Logix Brands and AMC Foam are proud to support Nigel and his company Paragon Living on their mission.

Wrapping It Up

Paragon Living’s story is a testament to the power of innovative construction methods in creating sustainable, efficient, and profitable real estate developments. Through strategic use of ICF technology and a focus on energy efficiency, Paragon is setting new standards in the design and construction of apartment buildings.

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