Baz Group has purchased a Toronto condominium development project and seven retirement residences located in Ontario and Quebec.

“Current economic conditions have created challenges in the North American real estate market,” said Benjamin Bakst, CEO of Baz, in a news release. “However, these same conditions present unique opportunities for strategic growth and investment.

“Our recent acquisitions and partnerships reflect our commitment to adapting and thriving amidst these challenges.”

The condo development project is located at 5280 Dundas Street West in the Etobicoke district. (Etobicoke was formerly a suburb of Toronto but is now part of the city.)

Toronto-based Baz bought the property through its Marlin Springs Developments subsidiary. Before rebranding earlier this year, Baz was known as Marlin Spring Investments. Some Baz subsidiaries continue to bear the Marlin Spring label.

The 5280 Dundas development is slated to contain more than 400 units. The development site is located near three other Baz projects: Joya, Curio and Taylor. Those projects are at various stages of development, sales and construction.

Baz purchased the Ontario and Quebec seniors homes through its Spring Living Retirement Communities subsidiary. The properties are located in Ottawa and Montreal and comprise approximately 1,230 suites. But Baz did not disclose the addresses.

Baz said it has also acquired assets, and retained more than 500 employees, from Horizon Retirement Management “to facilitate the Spring Living management group in providing management services to the acquired retirement residences that are located in Quebec.”

The Quebec residences will retain the Horizon brand.

Marlin Spring Investments has rebranded as the Baz Group of Companies.

“This exciting new move reflects our rapid business growth and our emergence as one of Canada’s largest privately-owned real estate firms with operating companies that strategically acquire, develop, construct, and reposition assets throughout North America,” says Toronto-based Baz on its website.

But the Marlin Spring brand will live on through the parent group’s U.S. real estate and development subsidiaries as well as well as its charitable foundation. Baz will also continue to operate the Spring Living retirement-residence chain under its original name.