Upfield Capital has actually obtained Foundation at Uplands, a 181-unit purpose-built townhome rental community currently under construction in Edmonton.
The Vancouver-based property financial investment and possession management company made the acquisition in partnership with Arrowleaf Real Estate.The acquisition
comes as Canada’s national purpose-built rental job rate sits at 5.1%, driven by new house supply and weaker need from slower population growth and a drop in worldwide trainees. Upfield argues that softening is concentrated in smaller-format, high-rise houses– and that ground-oriented, family-sized rentals are a different story.
“These are genuine homes for real individuals,” said Peter Edgar, Co-Founder at Upfield Capital. “Not just is this a strong financial investment, but a tradition job providing missing middle real estate: larger, ground-oriented, three-bedroom homes with a yard and a front door. These are features families significantly worth but can’t discover in your average six-storey, wood-frame rental building.”
In Edmonton, townhomes represent less than 5% of total rental inventory. Cornerstone at Uplands is located in a growing neighborhood with access to brand-new schools and retail, and is focused on long-term citizens– particularly households priced out of ownership however underserved by the existing rental stock.First tenancy is scheduled for June 2026, with complete conclusion anticipated within 12 months throughout 3 stages.” Townhome leasings are a missing piece in most Canadian markets, “stated Andrew Kurbis, Executive Managing Director at Arrowleaf Real Estate.”They offer a rare mix of scale, livability, and long-lasting stability, and they deal with a section of need that continues to deepen as affordability challenges persist.” “Purpose-built rental has largely concentrated on smaller sized, investor-driven item,” stated Rob Greer, Co-Founder at Upfield Capital. “We’re concentrated on a sector that’s been overlooked, and that’s where we see both resilience and long-term worth. These aren’t transitional rentals. They’re homes where people can stay, grow, and construct neighborhood for the long-term.”
This marks Upfield’s second Alberta acquisition in the previous year. Given that releasing in 2023, the firm has finished six transactions across B.C. and Alberta, spanning domestic, commercial, and mixed-use assets.
The firm states it is actively pursuing additional townhome acquisitions throughout Western Canada.