A trio of real-estate investment companies and a major Ontario-based pension fund have joined together to construct three new apartment buildings along Princess Street.
The buildings will contain a total of 788 units over 600,000 square feet of area – less 26,000 square feet of retail space – for over 1,300 residents.
Secure Capital Partners Inc. of Toronto, Blue Vista Capital Management LLC of Chicago, and Podium Development Corp. of Toronto will build the multi-residential development in partnership with the unnamed pension fund.
David Ogden, a Managing Partner of Secure Capital, says this three phased build-to-core multi-family development is truly unique in the Canadian landscape.
“New core multi-family assets are in very short supply and are arguably the most sought after commercial real estate asset,” Ogden continued in a release. “We are a firm believer that developing to core in this market is a sound strategy that will create solid long-term returns. These modern assets will outperform older, existing buildings and achieve higher occupancies and rents.”
Brent Chapman, a Managing Partner of Secure Capital, added: “We’re delighted to have outstanding partners on this portfolio of luxury apartments that will fill the tremendous demand for rental accommodations in Kingston and to provide our investors with long-term, stable and recession-resistant income.”
“There is no better residential market than Kingston for our latest development because of its high barriers of entry and exceptional demand for quality apartments,” Patrick Flaherty, Blue Vista Senior Vice President, Student Housing, said. “We are pleased to collaborate with experienced partners who understand the landscape and share our vision of innovation in this sector.”
“These projects were carefully assembled and planned over several years and will include best in class amenities, technology and design,” added Bernard Luttmer, Managing Director of Podium Developments. “We look forward to delivering these excellent housing options to the Kingston community.”
The first building, expected to be completed in May 2021, will be located at 333 University Ave. The two buildings to follow will be also be constructed along Princess St. near University Ave. and expected to be completed in the spring of 2022 and 2023.
Image source: Secure Capital