Key takeaways
What property managers and investors can take from George’s story
- Buy when others are selling. George calls Armco a contrarian company that buys when everybody is selling and sells when everybody is buying, and he backs each call with population and pricing data.
- Keep it simple. His rule for business is to have more revenue than expenses, and he believes simple thinking makes more money than complex models.
- Be careful with leverage. George says leverage kills people, so the real estate deal has to work on its own before debt is used to improve the return.
- Don’t confuse your ability with the market. He thought he was smart in 2006 and 2007, and 2008 showed him the market had been doing the work.
- Empower your people. An executive team of 12 brings him deals and runs the businesses, while he acts as a sounding board and makes the final call.
About the guest
GA
George Armoyan
Founder and President, Armco Capital
George founded Armco Capital in Halifax in the early 1980s by buying distressed assets at auction while interest rates sat above 20%. His holding company, G2S2 Capital, now invests in land development, multi-family, office, hotels, and retail across Canada and about eight U.S. states. He is also executive chairman of Clarke Inc. and studied engineering at Dalhousie University.
Episode summary
In this episode
Jared Sarbit talks with George Armoyan, founder of Armco Capital and G2S2 Capital and executive chairman of Clarke Inc. George grew up in Syria, finished high school in Boston, and came to Halifax at 17 to study engineering at Dalhousie University. He started buying distressed assets at auction in the early 1980s and turned his first land development into a business that now spans Canada and the United States.
George explains why he sees resilience as an advantage, how he reads market cycles, and why he has bought office towers like Bow Valley Square, First Canadian Centre, and Altius Centre while others stayed away from downtown Calgary. He also covers his hotels across Alberta, new projects in the U.S., how he empowers his executive team, and the costly lesson he learned from betting on a DVD business.
He also looks back on managing and cleaning a 34-unit apartment building while studying, and what it taught him about hard work and the people who keep buildings running.
Chapters
- 0:00Episode preview
- 1:37Introducing George Armoyan
- 1:58Armco and G2S2 Capital today
- 5:21Growing up in Syria and moving to Canada
- 11:52Adjusting as a young newcomer
- 16:03Engineering at Dalhousie
- 20:47Buying distressed assets in the early 1980s
- 24:54Why resilience is an advantage
- 29:49Contrarian investing and market cycles
- 40:58Why George is bullish on Calgary offices
- 45:48Opportunities he is watching now
- 49:41Building and empowering a team
- 54:46Advice for young investors
- 56:48Proudest moments and biggest failure
- 1:00:42Lessons from his parents
- 1:02:44What keeps him motivated
- 1:05:42Lessons from running a 34-unit building
- 1:12:20Book recommendation
- 1:13:24The legacy he wants to leave
Jump to a chapter (19)
- 0:00Episode preview
- 1:37Introducing George Armoyan
- 1:58Armco and G2S2 Capital today
- 5:21Growing up in Syria and moving to Canada
- 11:52Adjusting as a young newcomer
- 16:03Engineering at Dalhousie
- 20:47Buying distressed assets in the early 1980s
- 24:54Why resilience is an advantage
- 29:49Contrarian investing and market cycles
- 40:58Why George is bullish on Calgary offices
- 45:48Opportunities he is watching now
- 49:41Building and empowering a team
- 54:46Advice for young investors
- 56:48Proudest moments and biggest failure
- 1:00:42Lessons from his parents
- 1:02:44What keeps him motivated
- 1:05:42Lessons from running a 34-unit building
- 1:12:20Book recommendation
- 1:13:24The legacy he wants to leave
From the conversation
Transcript excerpts
Failing is temporary. Giving up is permanent.
George ArmoyanPlay from 28:46
Complexity makes you… look sophisticated. Simplicity makes you money.
George ArmoyanPlay from 31:55
You can sacrifice today for tomorrow, you can sacrifice tomorrow for today. The choice is yours.
George ArmoyanPlay from 15:05
Own or manage office space in Calgary?
We’ll walk the building with you and send a written cleaning scope and price. Free, no obligation.
Read the conversation
Full episode transcript
Show transcript
Paste the edited transcript here.
FAQ
Questions about Armco Capital
What does Armco Capital invest in?
George Armoyan says the group started in land development and is a large landowner in Atlantic Canada. It now also owns multi-family, office, hotel, and retail properties, runs a lending platform, and invests in Canada, about eight U.S. states, and a few other countries.
Why is George Armoyan buying office buildings in Calgary?
He believes offices will come back, especially for younger workers, and that oil and gas will stay important. Some towers were priced at around 20% of replacement cost, and Calgary’s incentives to convert older offices to residential are taking extra space off the market.
What advice does George Armoyan give new real estate investors?
Use common sense, don’t believe the hype, and be careful with leverage. Make sure the deal works as real estate before relying on financing, and don’t worry about missing a deal, since there are always more out there.
More episodes from the podcast
Adam Ludgate of Cirkuit: How Smart Sensors Are Changing Building Operations
Adam Ludgate of Cirkuit explains how wireless sensors catch water leaks within minutes, why insurers are starting to pay attention, and where older buildings should start.
Marty Connelly: 45 Years of Family, Integrity & Condo Management Leadership
Marty Connelly shares what 45 years of family-run condo management in Calgary taught him about responsiveness, hiring, and keeping a personal touch across 100+ properties.
Maria Bartolotti: Resilience, Leadership & Building One of Calgary’s Leading Condo Management Firms
Maria Bartolotti of New Concept Management on nearly leaving the industry, educating condo boards, preventing burnout, and recruiting Alberta’s next condo managers.