Manulife Investment Management and Cedar Podium Investment Management have announced a partnership to develop a new purpose-built student housing project in Kingston, Ont.

The 15-storey residence, located at 283 Queen Street, will feature 178 units with 389 fully furnished bedrooms. Designed to serve Queen’s University students, the building will include amenities such as a fitness centre, study areas, a social lounge, and centralized laundry facilities.

The development is targeting Zero Carbon Design certification from the Canada Green Building Council (CaGBC) and a two-star Fitwel rating, underscoring its commitment to sustainability, health, and wellness.

“Kingston is a top-tier destination for students, and this development represents a major step forward in supporting its growth,” said Bernard Luttmer, CEO of Cedar Podium. “Our partnership with Manulife IM reflects a shared commitment to sustainable, long-term solutions in the student housing sector.”

This marks the first collaboration between the two firms and lays the groundwork for large-scale student housing projects across Canada, the companies said.

“As demand continues to grow, we see purpose-built student housing as a compelling opportunity to invest in resilient, community-enhancing assets, in an alternative asset class with significant tailwinds,” said Marc Feliciano, Manulife IM’s global head of real estate at Manulife IM.

“Additionally, we believe additional student beds have an indirect positive impact on the broader housing market, as they can be a catalyst for conventional multi-family inventory to be released as students transition into these available assets.”

Construction is scheduled to begin in the second quarter of 2025, with completion and occupancy expected by fall 2027.

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