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Canada  + Cross Border News + Ontario  + Multi-residential Housing  | 
Illustration of Dream Unlimited's Zibi project in the National Capital Region.

Dream Unlimited Launches New $2B Multi-Family JV

Dream Unlimited has launched a $2-billion joint-venture focused on investing in high-quality multi-family rental properties across Canada’s major markets.

Toronto-based Dream said the new joint-venture is institution-backed but did not provide details on any participating institutional investors.

The venture’s first investment is a portfolio of multi-family assets in Toronto’s east end, Dream said without providing further details. The deal is expected to close in coming weeks following the waiver of conditions on January 28.

The company sees this initiative as a major step in expanding its private asset management platform.

“While the expansion of our multi-family development pipeline remains a significant driver of growth for our income property division, this venture demonstrates the opportunity to leverage Dream’s expertise to deliver value for institutional partners while growing our presence in the Canadian rental market,” said Dream in a news release.

Dream also provided an update on its ongoing multi-family projects. The Brighton community in Saskatoon continues to grow, with the recent completion of the Teal and portions of Blocks 166 and JK, adding 144 rental units to the company’s portfolio. The newly completed units are 93% leased.

Dream plans to continue. or begin, construction on 500 more units within Brighton and Alpine Park in Calgary in 2025. These Western Canada projects are expected to generate development and hold returns of 15-25% over the next decade, said the company

Dream’s Zibi development in the National Capital Region also continues to progress, with 1,950 rental units currently under construction. Zibi spans sites in Ottawa, just off downtown, and Gatineau, Que.

The projects include Odenak (formerly Dream LeBreton) and Block 204 in Ottawa. The company has secured construction financing for these projects through the Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program.

Pictured: Illustration of Dream Unlimited’s Zibi project in the National Capital Region.

Image: Courtesy of Dream Unlimited

Read More News Stories About: Dream CA, Dream Unlimited
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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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