CAST3 Development LP

Investor Overview

Vertically integrated multifamily development across Alberta.

CAST3 combines capital strategy, development execution, and precast construction under one integrated platform — engineered to return and redeploy LP equity through the CMHC refinancing cycle.

40–80

Units per project

~$250K

Target cost/unit

15–18%

Target Return

$10–15M

Initial raise

Platform Partners

Athalon Development Corp

Development Execution

Calnan Real Estate Group

Capital & Asset Management

Mountain View Precast

Precast Construction

What Is CAST3

A capital platform, not a project.

CAST3 Development LP was formed to address a structural gap in Alberta's secondary housing markets: growing demand for purpose-built rental housing in communities chronically underserved by institutional developers. The platform is designed to be repeatable — standardized building designs, an integrated precast construction system, and established market relationships allow the same 40–100 unit model to be deployed efficiently across multiple Alberta communities with consistent cost and timeline outcomes.

Unlike single-project vehicles, CAST3 is structured to compound — returning LP capital through CMHC refinancing and redeploying it into subsequent developments, creating a continuous cycle of disciplined development across the Alberta corridor.

Development Execution

Athalon Development Corp

Site sourcing, municipal approvals, development management, and construction oversight. Converts validated markets into approved, construction-ready projects.

Capital & Asset Management

Calnan Real Estate Group

LP capital structuring, investor relations, lease-up oversight, long-term property management, and the pathway between Cast3 assets and CORE Investment Fund.

calnan.co ↗

Precast Construction

Mountain View Precast

Structural panel manufacturing, supply chain reliability, and installation expertise. Factory-controlled production delivers cost certainty and faster on-site timelines.

mountainviewprecast.com ↗

Four Structural Advantages

01

Repeatable at scale

Standardized designs and integrated construction reduce per-project risk, execution time, and cost variability across the platform.

02

Vertically integrated

Capital, development, and construction controlled internally — not outsourced to parties with different incentives on cost and timeline.

03

Institutional structure

LP structure, defined return waterfall, CMHC refinancing mechanics, and ASC compliance established from day one.

04

Alberta-focused

Deep market knowledge, established municipal relationships, and proven rental demand in communities with real supply constraints.

Market Thesis

Alberta's secondary markets are structurally undersupplied.

Population growth across the Highway 2 corridor has consistently outpaced new rental housing construction. CAST3 targets communities where vacancy is constrained, municipal governments are actively supportive, and purpose-built rental development generates strong yield profiles.

Active markets:
Fort Macleod · Olds

Sub-3%

Vacancy rates

Purpose-built rental vacancy in Highway 2 corridor secondary markets remains critically low, driven by population inflow and insufficient housing supply.

Active

Municipal support

Secondary Alberta municipalities are actively incentivizing rental housing development — creating faster approvals and lower friction than major urban centres.

CMHC

Institutional backing

MLI Select provides 85–95% LTV insured financing at stabilization, enabling structured capital recycling unavailable in most markets.

Active Pipeline

Fort Macleod, AB

Development Imminent

Units

51 units

Est. Cost

~$13M

First project in the Alberta corridor platform. Municipal approvals in place. Precast panels specified.

Olds, AB

Planning Underway

Units

40–80 units

Est. Cost

TBD

Highway 2 corridor community with strong employment base, below-average vacancy, and municipal receptivity.

Capital Structure

A structure designed to compound.

Unlike single-project investments, CAST3 is designed to return and redeploy LP capital through CMHC refinancing — enabling investors to participate across multiple developments without committing new capital each cycle.

Investor Economics

Prime + 2%

Preferred Return

Accrued on LP capital deployed

80%

LP Profit Share

Of profits after preferred return

15–18%

Target Return

Projection — not a guarantee

25–30%

LP Equity per Project

Of total project cost

Return Waterfall

1

Preferred Return — Prime + 2% p.a.

Accrued on LP committed capital from date of deployment

2

Profit Split — 80% LP / 20% GP

Remaining development profit after preferred return is paid

Target development margins of approximately 10% are modelled at ~$250K per unit all-in cost. Forward-looking projections only — not a guarantee of returns.

Investment Parameters

Minimum Commitment	$1,000,000
Eligible Investors	Accredited & Institutional
Structure	Limited Partnership
GP Approval Required	Yes — all investors
Target Raise	$10M–$15M initial
Capital Duration	12–18 months to CMHC refi
Regulatory Exemption	ASC NI 45-106

Capital Timeline

01

Capital Deployment

Month 1

LP equity committed alongside construction financing to fund project costs.

02

Active Construction

Months 2–12

Precast panel installation, building construction, and pre-leasing activity.

03

Stabilization

Months 12–18

Lease-up to target occupancy; NOI established at CMHC parameters (85%+ occupancy).

04

CMHC Refinancing

At stabilization

Long-term insured debt at 85–95% LTV replaces construction financing; LP equity returned.

05

Capital Redeployment

Following refinance

Returned capital may be reinvested into next Cast3 development, or distributed.

Construction Advantage

Cost certainty through precast construction.

Mountain View Precast provides CAST3 with direct control over structural panel manufacturing — a capability most developers procure from third parties under conditions of price uncertainty and schedule risk. Factory-controlled production delivers predictable costs, faster site timelines, and structural quality that site-poured alternatives cannot consistently replicate.

~20%

Faster on-site construction

Factory panel production compresses on-site timelines vs. conventional framing.

Fixed

Manufacturing cost certainty

Controlled environment eliminates price variability common in site-poured construction.

Direct

Supply chain control

No third-party procurement — panel supply is controlled within the platform.

1 GP

Aligned incentive structure

Construction and development share the same GP interests — eliminating misalignment.

Primary Investment Risks

Construction cost overruns — mitigated by standardized designs and integrated precast manufacturing with controlled cost inputs.

Permitting delays — mitigated by concentrating in secondary markets with constructive municipal relationships and active support for rental housing.

Lease-up timing — mitigated by pre-leasing activity during construction and disciplined market selection targeting communities with demonstrated rental demand.

Interest rate risk — CMHC insured financing provides rate certainty at stabilization; refinancing proceeds are the primary mechanism for LP equity return.

Next Step

CAST3 Development LP is available to accredited and institutional investors. Participation is subject to suitability review and General Partner approval. Minimum investment: $1,000,000.

Qualified partners may request the full investment overview and LP documentation by contacting the partnership directly.

Mike Quayle

Partner, Development — Athalon Development Corp

mike@athalon.ca

Also inquire via

cast3.ca/contact

This document is provided for qualified investors only and does not constitute an offer to sell or a solicitation of an offer to buy securities. Investment in CAST3 Development LP involves material risks, including loss of capital. Prospective investors should conduct independent due diligence and consult their own legal, tax, and financial advisors. Eligible under Alberta Securities Commission NI 45-106 Prospectus Exemptions. All return projections are forward-looking and are not a guarantee of performance.