The Alberta Investment Management Corporation has increased its stake in a multi-family residential project near Toronto’s Yorkdale shopping centre, CoStar reported.

Edmonton-based AIMCo now controls 95% of the development, which is under construction. AIMCo purchased the expanded stake from Toronto-based Hazelview for $161 million, according to the report.

Toronto-based Fitzrovia owns the remaining 5%, CoStar reported.

Located at 3450 Dufferin Street, the mixed-use project is slated to comprise 685,483 square feet and contain 762 rental suites in three towers standing 30, 28 and 24 storeys.

The project is expected to be complete in late 2024, according to Fitzrovia’s website.

Fitzrovia ranks among Canada’s largest developers of purpose-built rentals.

Rendering: Fitzrovia