Mat Moxness is the founder and CEO of Crescendo Equity, a company that focuses on repurposing retirement homes and hotels into multi-family apartments. In addition to running Crescendo Equity, Mat Mox is also a contributor to Forbes Councils.
Mat Mox has been involved with real estate for a decade, and ever since he began, he’s had a keen eye for old and underperforming assets that nobody has bothered to look at. “Generally, the Ontario region already has strong fundamentals that allow the real estate market to grow. When I was just getting started with real estate and doing some research on the housing market, I noticed that the multi-family segment had the most untapped potential. The housing shortage was already decades old, and a few indicators, like immigration, population growth, and job creation, showed that demand in this segment was only going to skyrocket,” says Mat.
That untapped potential is what inspired him to venture into the real estate industry, and then he discovered the real hidden gem: aging and underperforming assets. Mat says, “At first, I tried to flip popular and already finished properties like everyone else, but demand was simply too high, and the competition was overwhelming. It was hard to buy anything. Then I saw that nobody was looking at these old, underperforming assets, and a brilliant idea popped into my mind. ‘What if I repurposed these assets into something that can add value to the community?'”
Repurposing old assets does require a bit of investment, but that was a risk Mat was willing to take, so he jumped into it. Over the years, the ‘acquiring, revitalizing, refinancing, and delivering the improved asset back’ strategy has proven to be extremely successful for Mat Mox, as he managed to build a real estate portfolio reflecting an eight-figure value and an acquisition pipeline over 300 units.
Recently, Crescendo Equity acquired an old retirement home in Niagara Falls. The plan is to convert the property into high-end apartments. This project will not only provide much-needed supply to the multi-housing market in the Niagara region, but it will also create local jobs and revitalize the community.
“Another purpose behind these conversion projects is giving back to the community. That is what this job is all about,” says Mat. “Every Crescendo Equity project creates many new jobs for local tradespeople—roofers, carpenters, plumbers, agents, you name it. They all have a chance to participate in these projects and take part in improving their community. That way, everyone will reap the benefits in the end.”
For Mat Mox, this is just the beginning, and he doesn’t intend to slow down anytime soon. He plans to spread his business into Northern Ontario markets such as Sault Ste. Marie and Sudbury.
For more information about Mat’s future undertakings, make sure to visit Crescendo Equity’s official website, and for more great advice and tips from Mat Mox, make sure to follow him on his Instagram (@mateomox).