Hazelview Investments is looking to double the size of its new $150-million Canadian Multi-Residential Fund VI and acquire more assets with it.

Toronto-based Hazelview plans to double the size of the fund to $300 million after the completed the first close by securing equity commitments from Canadian institutional and private investors for a value-add rental-housing investment strategy focused on supply-constrained markets, said Michael Tsourounis, Hazelview’s co-CEO and chief investment officer for private real estate.

A second closing of another $150-million investment round is planned for mid-2027.

“Now the first closes is complete, we’re starting to kind of shift into capital-deployment mode,” said Tsourounis.

The new closed-end fund will target purpose-built rental properties in Ontario, Alberta, Quebec and Nova Scotia, with a seven-year investment horizon. Tsourounis said the fund could also acquire assets in B.C., where Hazelview does not have any holdings.

“We continue to have a lot of confidence and conviction long term on investing in residential real estate and especially rental real estate in Canada,” said Tourounis. “We believe, long term, that continues to offer a pretty compelling investment thesis when we look long term at supply-demand fundamentals and ability to acquire assets and improve those assets for the people who live there.”

Expansions of underlying cap rates and rent growth have been muted, reducing prices below their long-term intrinsic values and making assets more attractive for acquisition.

“We believe those conditions that are somewhat headwinds today have presented an opportunity to invest in this sector,” said Tsourounis. “We have conviction in [what] we believe will be strong strong tailwinds in the sector over a five-year period.”

The fund will pursue acquisitions and improvements to multi-family assets through its integrated investment, development and property- operations platform. Tsourounis believes Hazelview’s edge is in the company’s ability to create value across the full investment lifecycle. Meanwhile, the firm integrated platform spanning investment management, development, and property operations gives it the control, insight, and execution capability to create value at every stage of ownership, not just manage it.

In the current market climate, that advantage matters, according to Tsourounis.

The company said previously that persistent supply-demand imbalances continue to support demand for rental housing in Canada’s major urban markets. Tsourounis said the fund is expected to complete its first acquisition in the third and fourth quarters of 2026.

Hazelview typically invests in apartment complexes comprising 150-200 units, but the size of each property could vary according to the location and investment opportunity. The company will upgrade or add building amenities depending on each situation.

Development projects will not be part of the investment portfolio.

“Hazelview is an active developer across the country, and we have an active development pipeline projects that we look to get into the ground, and we have several projects currently under construction, but this particular strategy will focus on income-producing properties,” said Tsourounis.

As with its other multi-family investments, Hazelview will look to acquire transit-oriented properties through the new fund.

Hazelview manages more than $11 billion in assets and has invested in Canadian real estate since 1999.

Pictured: Pictured: Hazelview and Sierra’s future apartment building in Toronto’s Leaside neighbourhood.

Rendering: Courtesy of Hazelview