Estonian development firm Hepsor has acquired an assembly of 11 properties in Toronto’s High Park district for a future multi-family rental real estate project.

Toronto-based Elysium Investments has partnered on the purchase with Hepsor. The firms collaborate on other Canadian real estate projects.

Plans call for the construction of two apartment towers. The development site and project’s first phase are valued at about $89 million (€60 million), said Hepsor in a news release.

“Entering the High Park development was another step in implementing Hepsor’s strategic plan,” said Andres Pärloja, who chairs Hepsor’s board.

“In the spring of 2022, we decided that part of our business should be outside the European economic area and away from the Russian border. We chose the dynamic and rapidly developing Canadian market.”

Subsidiary High Park Limited Partnership, created to complete the proposed project, has invested $12.5 million (€8.5 million.) The first phase is expected to last 24 to 30 months and will involve planning activities and rezoning efforts.

Hepsor now holds stakes in four Toronto apartment projects. The company expects to complete its fifth apartment-development related acquisition in October.

Once that deal is completed, Hepsor will have 2,500 new Toronto apartment units in its development pipeline.

The company is also seeking to develop warehouse and logistics spaces in both the Toronto region and Greater Montreal.

“We plan to continue expanding our positions in Canada to the extent possible and are constantly looking for new and interesting investment opportunities,” said Pärloja.

Pictured: Photos of apartment buildings in Toronto’s High Park district

Photo: City of Toronto