The Globe and Mail reports in its Saturday, May 17, edition that Lightwater Partners manager Jerome Hass believes Mainstreet Equity is an overlooked stock. The Globe's Brenda Bouw writes that Mainstreet is the largest owner and manager of mid-market apartment buildings in Western Canada. Mr. Hass first bought the stock in April, 2022, at $126. He bought more about six months ago. Mainstreet is a direct play on population growth in Canada and the scarcity of affordable rental housing. The demand for affordable housing remains high despite economic fluctuations. The company acquires and refurbishes rundown rental units, renting them out at higher yet still affordable rates. Many of its units are not subject to rent control. Mr. Hass says: "On average, it costs the company about $125,000 per unit to buy the assets, whereas if you built a new one, it would cost about $400,000. So, as long as that differential exists, there's potential for it to add a lot of value." He adds, "What we also like about the business is that it hasn't had an equity raise since it went public in 2020, which is a rarity in Canada." It has been growing its cash flows by an average of 18 per cent a year just from operations.