HomeEd acquires 248 rental units from developer, while partnering on new NetZero development project
HomeEd, the City of Edmonton Non-Profit Housing Corporation, has acquired a brand new 248 unit apartment development in the Northeast Edmonton neighborhood of Abbottsfield. Rundle at Riverview Crossing is adjacent to Rundle Park and was acquired from Ayrshire Group, a local community-minded developer.
This acquisition continues HomeEd's strategy to provide Edmontonians with greater access to quality, affordable housing solutions. In acquiring Rundle at Riverview Crossing, HomeEd will enhance housing affordability by renting 50% of the units at least 20% below market rates.
"We know many Edmontonians are struggling to maintain their quality of life amidst a growing cost of living," said Nick Lilley, Chief Executive Officer of HomeEd. "HomeEd's purchase of this property means hundreds more Edmonton families will be able to live in a community that they love and can afford."
This newly constructed property was developed by Ayrshire as part of CMHC's Rental Construction Financing Initiative, which provides for lower cost financing solutions in exchange for committing to positive social and environmental outcomes. This transaction forms part of a broader relationship between Ayrshire and HomeEd, as Ayrshire will also become an equity partner and development manager for HomeEd's upcoming NetZero townhome development project in the Village of Griesbach.
"Ayrshire is proud to be partnering with HomeEd to deliver quality rental housing that is affordable to Edmontonians," said Graham Gooch, President at Ayrshire Group. "The sale of Rundle at Riverview Crossing to HomeEd is a great outcome for the community and positions Ayrshire to invest in additional developments like HomeEd's Parkside North project in Griesbach. These investments demonstrate how the non-profit and private sector can collaborate to increase the supply of quality, affordable rentals in this City."
The Parkside North townhome project will see 91 townhome units developed to a NetZero environmental standard, with a minimum of 50% of tenants receiving reduced rents based on income. Construction is expected to commence in Fall 2023, with occupancy anticipated by Spring 2025.
Since 1977 HomeEd has been providing affordable rental housing to Edmontonians. As a non-profit corporation owned by the City of Edmonton, HomeEd is committed to providing safe, quality accommodations for individuals and families with varied income levels. With a portfolio of over 1200 apartment and townhome units spread across our City, we are here to help Edmontonians find a better home and brighter future in a community they love and can afford. (www.myhomeed.ca)
Ayrshire is an Alberta-based real estate private equity firm which originated in the late 1990's a family office for its Executive Chairman, Philip Swift. The Ayrshire team has a focused strategy of investing in and developing multi-family rental supply across Canada through its Housing Impact Fund which aims to partner with non-profits, municipalities and other community stakeholders to deliver meaningful social, environmental and affordability outcomes. Ayrshire invests in real property and related venture capital to support its vertically integrated approach which includes construction. (www.ayrshire.ca)
Please note that the media will be invited to a ribbon-cutting ceremony at Rundle at Riverview Crossing following construction completion this summer.