Upfield Capital and Arrowleaf Real Estate Acquire Cornerstone at Uplands in Edmonton

📅 4 days ago

Upfield Capital, in partnership with Arrowleaf Real Estate, has acquired a 181-unit townhome rental community in Edmonton, marking a significant investment in the 'missing middle' housing segment.

Upfield Capital, a real estate investment and asset management firm based in Vancouver, has partnered with Arrowleaf Real Estate to acquire Cornerstone at Uplands, a townhome rental community currently under construction in Edmonton. The project comprises 181 units and is expected to welcome its first occupants this month, with full completion anticipated within the next 12 months, organized into three distinct phases. Upfield's investment strategy is focused on addressing the 'missing middle' housing crisis, emphasizing the development of townhomes, rowhouses, and ground-oriented rental properties that have not kept pace with demand. Families looking for two- and three-bedroom homes represent a long-term, stable tenant demographic, according to the company. Andrew Kurbis, the executive managing director at Arrowleaf Real Estate, remarked, "Townhome rentals are a missing piece in most Canadian markets. In Edmonton, townhomes account for less than five percent of the total rental inventory." He noted that these properties provide an exceptional mix of scale, livability, and long-term stability, particularly in light of ongoing affordability challenges. This acquisition marks Upfield's second investment in Alberta within the past year. Since its inception in 2023, the firm has finalized six transactions across British Columbia and Alberta. Rob Greer, co-founder of Upfield Capital, highlighted that the focus on purpose-built rental properties has primarily been on smaller, investor-driven products. He stated, "We’re focused on a segment that’s been overlooked, and that’s where we see both resilience and long-term value. These aren’t transitional rental units. They’re homes where people can stay, grow, and build community for the long-term." Upfield Capital is actively seeking further acquisitions of both completed and in-development townhome communities throughout Western Canada.

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