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JV to build three apartment buildings, 788 units in Kingston

A partnership of four real estate investors will build a major, three-building rental apartment d...

IMAGE: A four-investor joint venture plans to build three apartment buildings in Kingston, Ont. (Courtesy Secure Capital)

A four-investor joint venture plans to build three apartment buildings in Kingston, Ont. (Courtesy Secure Capital)

A partnership of four real estate investors will build a major, three-building rental apartment development in Kingston which will bring 788 new housing units to the Eastern Ontario city.

The project will take about four years to complete. Secure Capital Partners Inc. of Toronto, Blue Vista Capital Management LLC of Chicago and Podium Development Corp. of Toronto are involved in the development along with an unnamed Ontario-based pension fund.

The development is designed to house more than 1,300 residents and comprises over 600,000 square feet of total area, including 26,000 square feet of retail space.

The first building, 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 Street near University Avenue, the buildings have immediate proximity to both Queen’s University and downtown Kingston.

“This three-phased, build-to-core multi-family development is truly unique in the Canadian landscape,” said David Ogden, a managing partner of Secure Capital, in a release announcing the development.

“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.” 

Kingston vacancy rate below one per cent

Kingston is a mid-sized market which sits along the Hwy. 401, St. Lawrence Seaway corridor about halfway between Toronto and Montreal, and Toronto and Ottawa. It is home to Queen’s University and its more-than-28,000 students, and has an apartment vacancy below one per cent. 

“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,” said Patrick Flaherty, Blue Vista’s senior vice-president of student housing, in the release.

“We are pleased to collaborate with experienced partners who understand the landscape and share our vision of innovation in this sector.”

 The first building in the development is already under construction, with the other two in various stages of the approval process. The three buildings are spread along several blocks of Princess Street, one of Kingston’s main arteries.

“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, in the release.

“We look forward to delivering these excellent housing options to the Kingston community.”  

About the partners

Secure Capital is a Toronto-based boutique real estate investment manager and advisor founded in 2001. The principals have transacted and managed over $10 billion of industrial, retail, office and residential assets.

Secure Capital launched the Canadian Residential Investment Fund (CRIF) to accommodate investors in the Kingston residential development.

Blue Vista is an investment management firm focused on best-in-class real estate strategies in student housing, middle market equity and middle market lending.

Since 2003, Blue Vista has acquired and/or developed over $2.5 billion in student housing properties, representing 34,000-plus beds at 51 college campuses across the U.S.  Across its three platforms, the firm has invested over $9 billion in total capitalization since its inception.

Podium is a builder-developer with a track record of rezoning and building urban infill sites in Ontario and Florida. Founded in 2004, Podium is a vertically integrated company that has developed more than $1 billion in new residential projects.

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