Toronto, ON, Oct. 28, 2026 (GLOBE NEWSWIRE) — Today, Fengate Asset Management (“Fengate”) and Capital Developments, through its purpose-built rental platform, Address, announced the acquisition of a mid-rise development site at 880 Eastern Avenue and 80 Knox Avenue in Toronto’s Leslieville neighbourhood.
The acquisition marks a new joint venture between the two firms, which will serve as co-development managers, with Fengate managing the investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada (“LiUNA”). The partners plan to develop more than 250 purpose-built rental homes on the site, including affordable rental units. The acquisition expands Fengate’s purpose-built rental portfolio into Toronto’s east end, where supply remains limited.
“LiUNA is committed to investments that create long-term value for our members and strengthen the communities where we work, live and build,” said Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Canadian Director. “880 Eastern will add purpose-built rental homes in Toronto’s east end and reflects LiUNA’s leadership in supporting stronger, more connected and vibrant communities.”
“Toronto’s population continues to grow, and the supply of high-quality rental housing has not kept pace,” said Jaime McKenna, President, Fengate Real Estate. “We are thrilled to be partnering with Address, a team that shares our commitment to delivering more housing for our city. Together, we are unlocking new rental supply in Leslieville and creating a connected community where people can live and work, with convenient access to transit, the waterfront and everyday amenities.”
The site provides access to existing streetcar and bus routes, with the future Ontario Line Leslieville and East Harbour stations set to further improve connectivity to downtown Toronto and across the city. The site’s proximity to downtown, transit, Queen Street East, the waterfront, Woodbine Beach and neighbourhood amenities will support demand among young professionals and downsizers seeking rental housing in an established east-end community.
“We’re proud to launch this new partnership with Fengate and LiUNA” said Jordan Dermer, Co-Founder, CEO, Capital Developments. “Fengate’s institutional strength, combined with the residential development experience we’ve built at Capital Developments, gives us a strong foundation to deliver purpose-built rental at scale. 880 Eastern is an exceptional first project together, and a chance to add high-quality rental homes to one of Toronto’s most loved neighbourhoods.”
The project will target LEED certification, embedding sustainability throughout its design. Construction is expected to begin late 2027.
About the LiUNA Pension Fund of Central and Eastern Canada
Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $13 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at lpfcec.org.
About Fengate Asset Management
Fengate is a leading alternative investment manager, with more than $28 billion of assets under management, focused on infrastructure, private equity, and real estate strategies. With offices and team members in Canada and the United States, Fengate has a proven track record of successful projects and partnerships and an established reputation as one of the most active real asset investors and developers in North America. Fengate Real Estate, a division of Fengate Asset Management, is a fully integrated real estate investment, development and asset management platform with $9.2 billion of assets under management, including a 25,000+ residential unit pipeline and 5M+ square feet of industrial space in varying stages of development. Learn more at fengate.com.
About Address
Address was created to build on the excellence in design and execution established through Capital Developments, which has delivered more than 5,000 residential units in Toronto.
Founded by Todd Cowan and Jordan Dermer, Address brings together deep experience in institutional capital deployment, large-scale real estate development, financing, and long-term ownership. The platform applies an institutional approach to purpose-built rental development, with a dedicated focus on the distinct requirements of build-to-own and rental housing execution.
CONTACT: Matthew Ventura Fengate Asset Management +1 416-432-6194 matthew.ventura@fengate.com Danny Roth Address info@youraddress.ca
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