SUCCESS FROM THE GROUND UP

Founded in 1969 by Serge Lemieux, Group LSR recalls its debut with the construction of more than 2000 residences in Canada spread over a decade. Later, in the early ‘80s, when inflated interest rates highly affected the construction market, Group LSR decided to seriously explore the multi-family for lease business. Those years were punctuated by the acquisitions of approximately 3000 apartments, which were in turn renovated into high quality rental properties with comfortable appointments and amenities. These acquisitions earned Group LSR the ranking as the number one firm in multi-unit dwellings in Quebec. Until the mid ‘80s, Group LSR valued its construction and acquisitions activities portfolio at approximately $35 million dollars. In 1986, Group LSR developed Le Rive Droite, a residential project consisting of 300 condominiums.

Three years later, Group LSR purchased several apartment communities in Houston, Texas, redeveloping and upgrading them at a time just before the market demand for such complexes strongly rebounded. Today in Houston, where Group LSR has established an office managed by a Lemieux family member who has been working and living in Houston for the past decade, the company is recognized as a consistent and quality-oriented apartment developer, builder and manager. In the mid 90’s, Group LSR pursued its progression as both developer and builder and decided to extend its activities overseas. Therefore, in 1999, the creation of a partnership in Poland of a 300-unit condominium project is valued at $21.5 million dollars.

A few years later, as the economic climate regained its strength in North America, Group LSR launched four residential projects valued at approximately $100 million dollars located six miles from downtown Montreal. The projects included single-family for sale, condominiums and town homes as well as luxury high-rise condominiums. The total number of units exceeded five hundred. The communities have since become an important part of the South Shore and Nuns’ Island submarket in Montreal. In 2003, Group LSR in partnership with Cadim (division of Caisse de dépôt et placements du Québec) develops one of the most important residential projects in Quebec: Villas-sur-Rive.

As well, the American market located in Houston, Texas, also shows rapid growth thanks to the development of Innerloopcondos.

For decades Group LSR’s founder, Serge Lemieux, has shown uncommon determination and is slowly passing the leadership of this conglomerate to his three children, each one of whom has developed significant expertise in their respective fields of endeavor. Endowed with their father’s strong work ethic and continuous drive for achievement, they are working in tandem to expand Group LSR’s vision and scope of activities. Their involvement in the company business has enhanced its growth and resulted in the addition of several new projects developed or now underway that have and will add significant value to the Group LSR portfolio.