Secure Capital Partners Inc. of Toronto, Blue Vista Capital Management of Chicago, and Podium Development Corp. of Toronto, announced that they have partnered with a major Ontario-based pension fund to build a new apartment development in Kingston, ON.
The new apartment development will include three multi-res buildings comprised of 788 units and over 600,000 square feet of total area, including 26,000 square feet of retail space.
According to David Ogden, a Managing Partner of Secure Capital: “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. 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.”
The first building, located at 333 University Ave., will be completed in May 2021 with the two subsequent buildings expected to be completed in the spring of 2022 and 2023, respectively. Located along Princess St. near University Ave., the buildings have immediate proximity to Queen’s University and Downtown Kingston.
“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,” said Brent Chapman, a Managing Partner of Secure Capital.
“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,” added Patrick Flaherty, Blue Vista Senior Vice President, Student Housing. “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,” said Bernard Luttmer, Podium Developments Managing Director. “We look forward to delivering these excellent housing options to the Kingston community”