Canada’s Elysium and Estonia’s Hepsor have acquired a one-acre property in Toronto’s Mount Dennis district for a multi-family rental residential development.

It is the fifth apartment project in Toronto for Elysium, which is slightly more than a year old, and Hepsor. The companies announced the acquisition in separate news releases.

Hepsor said total investment value of the property and the project’s first phase is $24 million. Brownville Limited Partnership has been created for the partnership’s development. Hepsor will invest about $8 million, and Estonian private-equity investors will provide funds.

The latest development site is located 70-104 Brownville Avenue near the Mount Dennis station, which serves a mobility hub, linking the Eglinton Crosstown LRT, GO Transit and UP Express. Elysium and Hepsor plan to build two purpose-built rental towers on the property, which comprises 17 assembled land parcels.

“This acquisition supports our vision of expanding access to quality housing in areas with strong transit connections,” said Elysium CEO Sayf Hassan in a news release. “We are committed to delivering well-planned, transit-oriented developments that meet Toronto’s pressing housing needs.”

Elysium said it has now acquired $210 million worth of land and has about 4,000 units with a total value of approximately $3 billion under development.

Hepsor develops projects in Latvia as well as Estonia and Canada. The company’s portfolio contains 24 development projects, including retail spaces, that comprise about 1.9 million square feet altogether.

Image: Metrolinx