LSR GesDev is preparing to expand its multi-family rental footprint in the Greater Montreal Area significantly.

The local company plans to build more than 700 new apartment units in coming years. The development firm, already managing a portfolio of 1,250 residential units, is entering a new phase of growth that will bring its total to about 2,000 units by 2030, according to La Presse.

“New housing is needed everywhere; it’s time to go all out,” Annie Lemieux, founder and CEO of LSR GesDev, told La Presse. “Cities have become more accommodating; there’s less confrontation. For us, the City of Longueuil is an excellent partner; the mayor wants to develop, and we like that.”

Founded in 2014, LSR GesDev is the evolution of a family legacy. Lemieux previously served as vice-president of development and partnerships at the LSR Group, founded by her late father Serge Lemieux. Her new company, co-founded with longtime colleague Lucie Laliberté, now employs 40 people and recently welcomed new partners into its leadership team.

LSR GesDev’s strategy emphasizes partnership at every stage. It develops its real estate projects in collaboration with private and institutional investors, outsources construction to major players like Pomerleau and EBC, and then manages the completed properties itself.

“Usually, institutional investors are there for the duration of construction and withdraw when the project is completed,” Lemieux explained to La Presse. “Our private partners then take over.”

What distinguishes LSR GesDev, she added, is its ongoing effort to satisfy all stakeholders—from investors to municipalities to residents.

“We must always strive for a balance between these four stakeholders,” Lemieux told La Presse.

While the company once focused on condominiums, it pivoted in recent years toward long-term rental housing, where returns have proven more stable. “We’ve abandoned condo construction because it’s too complicated to obtain all the regulatory approvals before launching a project and then have to start all over again once the project is finished. We might as well keep them before starting something else,” Lemieux told La Presse.

This shift, combined with a favourable regulatory climate and pressing housing demand, has helped shape LSR GesDev’s new 10-year, according to La Presse.

Pictured: LSR GesDev’s Loggia Saint-Lambert multi-family rental development in the Greater Montreal Area.

Photo: LSR GesDev

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