The Equiton Residential Income Fund Trust has acquired the 175-unit Central Tower apartments in Edmonton, its fourth property in Alberta as the firm continues to grow its Western Canada portfolio.

Located at 2610 109 St. NW in Edmonton’s south end, the 18-storey purpose-built rental building features fitness amenities and is within walking distance to grocery stores, restaurants and shopping options including the Century Park mall.

The nearby Century Park light rail station puts downtown Edmonton within a half-hour journey. The Gateway Boulevard and Calgary Trail highways are directly accessible.

Central Tower has one- and two-bedroom units from under 500 square feet to just over 800 square feet. One-bedroom units start from $1,625; two-bedroom units at $1,925.

Financial terms of the transaction were not disclosed. Central Tower was developed by Edmonton-based ProCura Real Estate Services Ltd.

“Diversifying across key markets has been a big part of what’s made the fund so resilient,” Jason Roque, CEO and founder of Equiton, said in this week's announcement, “and Alberta is a natural fit alongside our strong presence in Ontario’s top-performing regions.”

Based in Burlington, Ont., Equiton is a privately held real estate investment manager. Its Apartment Fund holds 43 Canadian properties totalling 3,914 units, following the acquisition of Central Tower.

The majority of its units and portfolio by value are located in Ontario.

Equiton’s attention on Alberta

Known as Equiton's Apartment Fund, the investment vehicle has over 700 units in Alberta, a province Equiton has set its sights on because of its rapidly rising population and opportunity for geographic diversification.

Since 2022, Alberta has welcomed almost 500,000 new residents. Edmonton saw its population rise by almost six per cent from 2023 to 2024, reaching almost 1.2 million residents. Over that period, the city’s rents rose eight per cent, Equiton said.

Prioritizing Equiton’s operations in Edmonton taps into the city’s “strong fundamentals,” said Ryan Donkers, the company's vice-president of investments.

Outside of population growth in Alberta and Edmonton, the company cited the stable cash flow and competitive features of Central Tower as reasons for the acquisition, along with the geographic diversification and greater operational efficiency.

Last year, Equiton acquired a four-storey, 277-unit rental complex named the Henday Suites in northeast Edmonton. Similar to Central Tower, amenities such as a fitness centre and easy access to downtown Edmonton by public transit or car, with retail and dining options within walking distance, were key factors in the transaction.

The Henday Suites was the Apartment Fund’s third property in Alberta, joining Emerald Hills Landing and Park Square Apartments.

The Apartment Fund acquired over $275-million worth of property in 2024.

"I see 2025 as a year for continued growth and potentially expanding the Apartment Fund into other established markets in Western Canada," Donkers said in a release late last year.

Equiton will continue its national expansion strategy in Alberta and Western Canada, the company said.

As of May 31, the Apartment Fund’s assets under management were valued at $1.3 billion.