Forum Asset Management and Campus Suites have broken ground on the third phase of their Quad purpose-built student housing accommodations at York University, two eight-storey buildings which will deliver another 841 beds at the Toronto institution.

The two new buildings will comprise approximately 350,000 square feet of space, Forum managing partner Aly Damji told RENX in an email exchange. They will also incorporate additional amenities including fitness facilities, collaboration and study spaces, games rooms and outdoor patios.

The buildings are to be delivered for the 2026/27 school year.

“Quad Phase 3 builds on the proven success of the previous phases and demonstrates the strength of our partnership with York University Development Corporation and York University. We are committed to delivering purpose-built student housing that enhances the campus experience and provides students with the resources they need to thrive,” Damji said in the announcement Tuesday morning. 

In total, Forum and Campus will have delivered approximately 2,500 student beds at York University when this third phase is complete. Damji told RENX the partners could also develop one additional phase at York, depending on demand and a potential future agreement with the university.

2025 is off to a fast start for Forum, which just closed on the acquisition of the former Alignvest Student Housing REIT for $1.7 billion. It also just announced an investment of up to $100 million related to that acquisition from global investor Brookfield.

Forum, Campus and York University Development Corp.

Forum is building the properties under a master development agreement with the York University Development Corporation (YUDC), which administers the university’s developable land. Forum and Campus have designed, financed, and will develop and operate the assets in co-operation with YUDC.

“We are thrilled to celebrate the groundbreaking of Quad Phase 3, a testament to the power of collaboration and innovation,” Henry Morton, president of Campus Suites, said in the announcement. “This project is an incredible opportunity to meet the growing demand for student housing while creating a community-focused environment that supports academic success and student well-being, further enhancing York’s offerings by proving best-in-class housing and amenities.”

The partners call Quad Phase 3 “a milestone” project under Ontario’s Bill 185, the Cutting Red Tape to Build More Homes Act enacted in June 2024. It is the first student housing project in Ontario to break ground under the regulations designed to expedite new housing development. 

“I am proud for us to celebrate this important milestone,” York University Development Corp. president and CEO Salima Rawji said in the announcement. “The groundbreaking of Quad 3 not only represents us strengthening our academic mission but also showcases the power of sector partnerships and forward-thinking strategies that drive long-term success for the University and our future generations."

About Forum and Campus

Forum Asset Management is an investor, developer and asset manager operating across North America for over 28 years, focusing on real estate, private equity and infrastructure, with a strategic concentration in housing.

It's acquisition of Alignvest Student Housing REIT made Forum's Real Estate Income and Impact Fund (REIIF) Canada's largest private owner and operator of student housing properties. REIIF owns and operates 31 student housing properties across Canada, comprising 10,500 beds.

Forum also has an extensive development pipeline of student housing projects.

Campus Suites is a multi-generational family business that is a developer, owner, property and asset manager of student-oriented housing based in Toronto. It has previously developed, co-developed, or is developing almost 19,000 student housing and conventional bedroom units throughout the United States and, since 2012, exclusively in Canada. 

Total developments have a value of over $2 billion covering over eight million square feet of residential, retail and commercial space.