KINGSTON, Ontario--(BUSINESS WIRE)--Residents in Kingston will soon have access to over 200 new high-quality rental apartments. With the official launch of its residential leasing program this past Monday, the first phase of leasing has already sold out in a matter of days.
The Unity Point Leasing team is moving up the release of phase two to this coming Monday, October 26 to address the strong demand. “Prospective residents jumped on the first opportunity to rent high-quality apartments in a prime location at the corner of Princess and University,” says Unity Point’s General Manager Jacey Carnegie. “With the quality of what we’re offering, we are not surprised with the initial uptake. This is exactly the type of housing our community needs and has been asking for. We look forward to the completion of Unity Point this coming May and welcoming our new residents,” Carnegie adds.
Lack of rental housing supply continues to be a province wide crisis, as supply can not keep up to the ever-growing demand. According to a recent report from Urbanation on the Ontario rental market, the projected gap between supply and demand is twice as high as originally projected a few years ago, owing to record population growth, economic intensification, and further reduction in homeownership affordability.
For many years, Kingston’s vacancy rate has been one of the lowest in all of Canada sitting at below two percent. “Ensuring housing of every type gets built remains a top priority for Kingston City Council and we value being able to work with the private sector to successfully deliver thoughtfully designed, purpose-built rental projects like Unity Point,” says City of Kingston Mayor Bryan Paterson. “This development will help boost our housing supply while adding to the vitality of the Williamsville area,” Paterson adds.
Comprised of 204 rental apartments, the mixed-use community at Unity Point also boasts 10,000 sq. ft. of at-grade retail space. “At Podium, we strive to enhance the existing communities in which we build by offering best-in-class housing options like Unity Point,” says Podium Developments’ Co-Founder Bernard Luttmer. “Despite the ongoing pandemic, Unity Point’s construction is on schedule for completion this coming May (2021). We are thrilled to not only launch the residential leasing program this week, but also to sell out the first phase of leasing in just a few days.”
The Unity Point project is a partnership between Podium Development Corp., Secure Capital Partners Inc., and Blue Vista Capital Management LLC, together with OPTrust, one of Canada’s largest defined benefit pension plans.
The co-investors are also developing two additional purpose-built rental residential projects over the next three years, totalling 788 units and housing over 1,300 residents. “As a pension management organization, it is critical that we find income-generating assets that provide stability and security for our members,” says OPTrust’s Director of Real Estate Investments Andy Alcock. “By helping to address the housing shortage in Kingston, we believe this development will be a valuable asset to both our members and the community as a whole,” he adds.
Unity Point will feature an array of desirable penthouse amenities including a spacious rooftop with an outdoor patio and barbecues, state-of-the-art fitness centre, yoga room, study, and meeting rooms. Residents will get to enjoy stunning views of Lake Ontario, Queen's University, and downtown Kingston as well as convenient access to over 10,000 sq. ft. of at-grade retail space. Suite sizes range from studio to three- bedroom configurations and come fully furnished with free best-in-class internet, ideal for students, working professionals and families.
For additional project information and leasing opportunities, contact the following:
Residential Leasing Opportunities: www.unitypoint.ca
Retail Leasing Opportunities: 1-866-792-5553
Project Information: firstname.lastname@example.org
ABOUT PODIUM DEVELOPMENTS (podiumdevelopments.com)
Founded in 2004 and registered with Tarion for over a decade, Podium Developments is a respected developer and builder with a successful track record in rezoning and developing sensitive urban infill locations. With 17 successful projects completed in Toronto, Oshawa, Barrie, Kingston, and Guelph, and nine more currently in development in both the United States and Canada, Podium Developments has demonstrated tremendous expertise in bringing new residential developments to fruition.
ABOUT SECURE CAPITAL (securecapital.ca)
Secure Capital is a Toronto based boutique real estate investment manager and advisor founded in 2001. The cycle-tested management team has extensive experience in a wide range of asset classes across North America. The principals have transacted and managed over $10 billion of industrial, retail, office, and residential assets. Secure Capital launched the Canadian Residential Investment Fund (CRIF) to accommodate investors in the Kingston residential development projects.
ABOUT BLUE VISTA CAPITAL MANAGEMENT (bluevistallc.com)
Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate strategies in student housing, middle market equity and middle market lending. Since 2003, Blue Vista has acquired and/or developed over $2.5 billion in student housing properties, representing 36,000+ beds at 56 college campuses across the United States. Across its three platforms, the firm has invested over $10.5 billion in total capitalization since its inception in 2002, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing.
ABOUT OPTRUST (optrust.com)
With net assets of almost $22 billion, OPTrust invests and manages one of Canada's largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select), a defined benefit plan with over 96,000 members and retirees. OPTrust was established to give plan members and the Government of Ontario an equal voice in the administration of the Plan and the investment of its assets through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees, five of whom are appointed by OPSEU and five by the Government.