Elite Real Estate Group, a key player in Edmonton’s commercial real estate market, has surpassed $500 million in assets under management with two significant acquisitions. 

The group recently acquired the Whitemud Crossing Shopping Centre and Concord Tower apartments, further bolstering its portfolio in the city. 

“We’ve surpassed $500 million in assets under management and now own over 50 properties,” vice-president Sahaj Chopra told RENX. “Our investment strategy is highly selective, rejecting 95 per cent of opportunities, ensuring that each acquisition fits perfectly into our long-term portfolio.” 

The Whitemud Crossing property is a 93,000-square-foot retail centre on over eight acres of land with significant frontage of Whitemud Drive. It was purchased for $23.6 million from ReDev Properties, reinforcing the company's retail presence in South Edmonton. 

“We now have a stronger hold of the leasing market in South Edmonton and have grown our tenant database, which benefits us in leasing in terms of leasing a vacancy if it were to rise, or leasing a development project,” Chopra said.

Concord Tower near U Alberta

Additionally, Concord Tower, a 101-unit rental building at the University of Alberta, was acquired for $19.65 million from GWL Realty Advisors, marking a strategic move into the multifamily sector.

“We believe in investing in high-performance and/or high-potential assets. Concord Tower was a strategic acquisition for our group because firstly, it is a further expansion of our ownership in the multifamily marketplace and secondly, the location is simply irreplaceable. You are on Whyte Avenue, Edmonton's only high street, and at the doorstep of the University of Alberta,” he explained.

“The University of Alberta ranks fourth Canada-wide, and I believe it ranks 80th or 81st globally. And the existing enrollment at the University of Alberta is 44,000 students, and their plan is to expand to 60,000 students in the next decade. So, the location made this acquisition irresistible for us.”

Residents are also within walking distance to the LRT station, hospitals and Edmonton’s scenic North Saskatchewan River valley.

“Beyond its immediate strengths, this asset also presents a rare opportunity for future multifamily development, sitting on excess developable land in an area where land assemblies are notoriously difficult . . . The demand for well-located housing will only intensify,” Chopra noted.

A historical focus on retail property

The majority of Elite’s portfolio is in retail shopping centres and two multifamily properties. The balance of the properties are industrial or office properties that it had acquired back in the early 2000s and has owned and managed ever since.

“The majority of our portfolio is in Edmonton. There are a handful in Calgary and then the balance are Albertan towns,” Chopra said. “The Edmonton market has always been an underdog in terms of retail, multifamily and the overall commercial real estate aspect.

"We have seen with the geopolitical threats, tariff threats and the recent uncertainty in the economy that Edmonton has actually come out as one of the better-performing markets.” 

With respect to multifamily rents, he said, Edmonton has been a consistent performer over the years and has recently outshone Calgary, which saw a large decrease over the past year. So, Edmonton is proving to be resilient and stable. 

“It does not go through the same boom cycles as other markets, such as Calgary, Toronto, Vancouver, where you can see high yields and high returns. But it is stable. You don't see the busts that you see in those same markets.”

Looking toward Elite's future

Chopra said the company’s investment strategy is very selective. 

“We want to be almost certain that the acquisition or the future project we are going for will be stable and fit well for our portfolio. So very selective. And right now, we have our eyes and ears fully open for future growth opportunities,” he added.

Perhaps $1 billion in assets under management is the next target?

“That's definitely a future goal. I don't see that happening in the near future per se, but that is definitely a future goal.”

Elite was founded about two decades ago by Chopra’s father Pankaj Chopra. It owns and manages over one million square feet of leased space, primarily retail shopping centres, in Edmonton and Alberta. It manages a portfolio of over 450 tenants.

The company also operates Elite Capital, a private lending company focused on the financing needs for commercial real estate assets, primarily retail properties.