Sam and Van Kolias are Canadian real estate moguls, who are currently ranked among the top 100 richest people in Canada. They have an estimated net worth of $923 million, which mostly derives from their business empire, Boardwalk REIT, a public company that they founded in 1984. Sam Kolias serves as the Chairman and Chief Executive Officer of the company, while his brother, Van Kolias, serves as the Senior VP of Quality Control.
Sam Kolias and Van Kolias' journey to riches started with their business venture in 1984 using a loan amounting to $50,000 they had borrowed from their father. The brothers have spent years building their business and they have succeeded in transforming it into a multi-billion empire, and the largest owner of multi-residential real estate. Today, Boardwalk has more than $4 billion in assets. Sam and Van share a 23 per cent stake of the company on a fully diluted basis.
The two brothers have also enjoyed enormous gains as Boardwalk’s value has risen radically over the past couple of years. In 2010, the company’s market valuation grew from $1.4 billion to about $2.1 billion. RBC Capital Markets cited that the company spent 2009 and 2010 providing incentives to potential tenants with the aim of maximizing occupancy. By the third quarter of 2010, occupancy had reached 97 per cent.
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