The recession is often credited with fueling apartment demand, but there was been a growing supply-demand imbalance since the 1990s.

“This infill market's high barriers to entry and tight supply dynamics combined with the property's connectivity to downtown and the broader region make it highly desirable for regional tenants," says Brodie Ruland of ASB.

One of Procida's earliest investors was Abdul Qayum, the grandfather of Omar Khan, left, who has just joined the Procida firm. The two are holding Qayum's original brochure, which Procida still keeps in his office.