Crestpoint Real Estate Investments has held an initial close on a closed-end fund targeting opportunistic investments across Canada.
Crestpoint Opportunistic Real Estate Strategy is aiming for gross annualized returns of 15% to 18%. It will raise capital over 12 months and has a life of eight years. The next close is expected in the fourth quarter.
The fund’s first investment is a 77% stake in 1318 Thurlow Street in downtown Vancouver. The 0.4-acre development site is slated to house a 300-unit multifamily tower rising 32 storeys. The parcel is close to restaurants, shops, hospitals and universities.
Anthem Properties Group owns the remaining 23%.
“This new strategy leverages our management expertise and deep relationships within Canada’s real estate investment community, strengths that have enabled us to successfully complete over $3 billion in value-add and opportunistic investments over the last 13 years,” said Max Rosenfeld, executive vice president and head of asset management at Crestpoint.
The firm, an affiliate of the Connor, Clark & Lunn Financial Group, also runs a $5.3bn open-end fund, Core Plus Real Estate Strategy, which launched in 2011. It launched an open-end mortgage fund, Crestpoint Real Estate Debt Strategy, in 2022.
