Fitzrovia Completes Initial Close of $920 Million Development Fund Focused on Purpose-Built Rental Housing Across the GTA

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Fitzrovia

Feb 27, 2023, 17:32 ET

TORONTO, Feb. 27, 2023 /CNW/ - Fitzrovia Real Estate Inc. ("Fitzrovia") is pleased to announce the initial closing of its first real estate fund, Fitzrovia DevCore Fund LP ("DevCore" or the "Fund"), focused on the development of purpose-built rental housing across the Greater Toronto Area ("GTA"). The Fund has a target size of $920 million of equity commitments, with over half of the target commitments secured to date.

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The Parker by Fitzrovia comprises 349 Class-A rental suites at Yonge and Eglinton in Toronto. In 2022, The Parker was awarded Best Model Suite by the Building Industry and Land Development Association (BILD). Additionally, in 2022 the Federation of Rental-housing Providers of Ontario (FRPO) awarded The Parker the award for Best Website and Best Social Media. Finally, in 2023 Urban Toronto announced that The Parker had been voted the best high-rise for towers between 30-39 storeys. (CNW Group/Fitzrovia)
The Parker by Fitzrovia comprises 349 Class-A rental suites at Yonge and Eglinton in Toronto. In 2022, The Parker was awarded Best Model Suite by the Building Industry and Land Development Association (BILD). Additionally, in 2022 the Federation of Rental-housing Providers of Ontario (FRPO) awarded The Parker the award for Best Website and Best Social Media. Finally, in 2023 Urban Toronto announced that The Parker had been voted the best high-rise for towers between 30-39 storeys. (CNW Group/Fitzrovia)
The Waverley by Fitzrovia comprises 166 Class-A rental suites at College and Spadina in Toronto. The community is fully stabilized. In 2021, The Waverley was awarded Rental Development of the Year, Best Advertising Campaign, Best Amenities by the Federation of Rental-housing Providers of Ontario (FRPO). Additionally, the Building Industry and Land Development Association (BILD) awarded The Waverley with the Best Organic Social Media Campaign award. (CNW Group/Fitzrovia)
The Waverley by Fitzrovia comprises 166 Class-A rental suites at College and Spadina in Toronto. The community is fully stabilized. In 2021, The Waverley was awarded Rental Development of the Year, Best Advertising Campaign, Best Amenities by the Federation of Rental-housing Providers of Ontario (FRPO). Additionally, the Building Industry and Land Development Association (BILD) awarded The Waverley with the Best Organic Social Media Campaign award. (CNW Group/Fitzrovia)
The Elm and The Ledbury by Fitzrovia comprises 542 Class-A rental suites at Queen and Church in Toronto. First occupancy is scheduled for 2023. With best-in-class designer suite finishes and an incredible amenity package which includes a basketball court and penthouse entertainment kitchen, The Elm and The Ledbury are poised to take rental living to a whole new level. (CNW Group/Fitzrovia)
The Elm and The Ledbury by Fitzrovia comprises 542 Class-A rental suites at Queen and Church in Toronto. First occupancy is scheduled for 2023. With best-in-class designer suite finishes and an incredible amenity package which includes a basketball court and penthouse entertainment kitchen, The Elm and The Ledbury are poised to take rental living to a whole new level. (CNW Group/Fitzrovia)

"Fitzrovia is deeply appreciative of the unwavering support from our investment partners who have placed their trust in our expertise to develop much-needed rental housing across the GTA." says Adrian Rocca, CEO and Founder of Fitzrovia. "Since its inception six years ago, Fitzrovia has quickly grown to be the largest developer of rental housing in Ontario and the Fund will allow us to continue to expand our portfolio in a significant way."

DevCore's investment mandate is to acquire well-located lands across the GTA in close proximity to public transit and major employment hubs for the purposes of developing rental housing. The Fund's ultimate capitalization represents over $2 billion of purchasing power which will be used to help alleviate the GTA's lack of rental supply.

"DevCore represents the next chapter of Fitzrovia's strategy of building vibrant communities that prioritize best-in-class hospitality and design," says Fitzrovia's Senior Vice President of Investments, Corey Pacht. "Fitzrovia's portfolio of award-winning communities, including The Waverley, The Parker, The Brixton and Liberty House, best exemplify our curated rental experience and discerning eye for design and craftsmanship."

DevCore will target large-scale opportunities suitable for the development of both master-planned, mixed-use communities and high-rise towers, with an investment bias for fully entitled sites.

Colliers Capital Markets is acting as financial advisor to Fitzrovia for the Fund.

About Fitzrovia

Fitzrovia is a vertically integrated developer and asset manager of purpose-built rental communities across the GTA. With almost 7,000 units completed or under development, including The Waverley, The Parker, The Brixton and Liberty House, Fitzrovia is the largest purpose-built rental developer in Ontario. Fitzrovia partners with public institutions, pension plans and high net worth investors who have an investment bias towards long-term cash flow generating assets. Fitzrovia places an intense focus on active lifestyle management and offering exceptional customer service to our valued residents. Fitzrovia's customer-first approach means all design and construction decisions are deeply rooted in consumer insights to ensure our resident needs are not only met but exceeded. At Fitzrovia we think differently and build differently.

Further information: www.fitzrovia.ca

SOURCE Fitzrovia

Ryan Funt, Senior Director, Marketing, [email protected]

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Fitzrovia