Avison Young has facilitated investment and co-operation agreements for the development of a $135-million student housing project in Vancouver.

The investment and co-operation agreements are between Vancouver-based Global Education Communities, and Montreal-based Pomerleau Capital. The deals mark the start of the companies’ broader collaboration to develop student housing projects across Metro Vancouver as part of GECC’s ambitious $800-million portfolio.

“Avison Young, through the expert guidance of Jason Mah and his team of Brendan Hannah and Karly Degroot, has been instrumental in aligning our development goals with the right strategic partners, ensuring a robust and scalable collaboration,” said Toby Chu, chairman, president, and CEO of GEC.

The partnership is designed to address Vancouver’s growing need for student housing. Pomerleau Capital’s investment includes financial backing and co-development expertise, leveraging the construction capabilities of its parent company Pomerleau and subsidiary ITC Construction Group.

“Creating lasting partnerships that drive community and educational advancements is at the heart of what we do at Avison Young,” said Mah, an Avison Young principal based in Vancouver. “This is a prime example of how strategic alignments can create substantial value for all stakeholders involved, including the broader community – and we look forward to watching student housing flourish in Vancouver, thanks to these partnerships.”

The location of the $135-million project was not specified in news releases issued by the three companies. But a rendering indicates that the site is in the Oakridge area on the city’s west side.

The total value of the co-operation and investment agreements was not disclosed.

The collaboration between GEC and Pomerleau will provide much-needed high-quality student housing to the Metro Vancouver area, said the companies. GEC said the collaboration also aligns with the company’s mission to enhance educational infrastructure through innovative real estate development.

“We feel this is an investment partnership and a fully integrated strategic relationship,” said Chu. “The ongoing development and construction needs of various GEC projects will require extensive support, and this collaboration will create synergies for all parties involved. The aggregate construction budget of GEC projects under development exceeds $800 million. A reliable financial and construction partner will add tremendous value to the applicable projects.”

The current project is part of GEC’s larger portfolio, which includes nine projects and 14 buildings in operation or under development in Metro Vancouver under the GEC brand. These facilities cater to students from across Canada and 79 other countries, providing accommodations and supporting community growth.

For Pomerleau, the partnership represents an opportunity to advance sustainable and innovative construction while addressing a critical housing shortage, said the company

“Our partnership with [GEC] enables us to combine our financial resources and construction expertise to develop high-quality student residences,” said Frédéric Bettez, vice-president and chief investment officer of Pomerleau Capital. “Together, we aim to address the growing demand for student housing while promoting sustainable and innovative construction practices. This collaboration represents a major milestone in our shared vision and will be a concrete way of helping the community.”

Rendering: Avison Young