TORONTO--(BUSINESS WIRE)--Core Development Group, a Toronto-based real estate development company, recently announced the appointment of Faran Latafat, to the position of President of Avanew Single-Family Rental (SFR), a wholly-owned subsidiary of Core. The creation of this new position acknowledges Avanew SFR as the first of a series of alternative income assets to launch from the Avanew brand.
Latafat has over 15 years of experience in leadership roles and joined the team in 2018 as Executive Vice President to establish a business focused on alternative income producing assets, through the newly created Avanew platform. In addition to pioneering institutional investment into SFR in Canada, Latafat has been instrumental in setting the strategy and framework for a shared accommodation urban rental model called co-living to position the firm for tremendous future growth. Both Avanew strategies align to form an urban and suburban approach to delivering high-quality rental housing choices, at more affordable price points.
“At Core we are committed to elevating industry standards and positioning our company as a leading voice in the industry,” said Corey Hawtin, Founder & CEO of Core Development Group. “Faran’s knowledge and acumen combined with a strong leadership prowess makes her the perfect person to lead the growth and expansion of our Single-Family Rental portfolio.”
In her new role, Latafat will lead a team that is accountable for the growth planning, underwriting, acquisition, asset development and stabilization of single-family assets. Avanew’s first SFR fund is fully committed and closed earlier this year with $30 million of assets already under management. Under Latafat’s leadership, the fund is on track to expand substantially, targeting assets under management (AUM) growth to more than $250 million over the next three years.
“I have been honoured to be a part of the Core executive team over the past three years, and I am excited to take on this new role within our company to create viable solutions to the housing supply constraints we have been experiencing across the GTA,” added Faran Latafat.
As the company looks ahead to the future, the vision is to pioneer the Single-Family Rental asset class in Canada, and under Latafat’s leadership, to aggregate the largest portfolio of high-quality homes in the country.
To learn more, visit coredevelopment.ca
About Core Development Group
Core Development Group is a Toronto-based real estate development company that actively sources, develops and manages a wide range of real estate projects. The company takes a holistic approach to development and offers a comprehensive range of development and project management services to their clients and partners. Avanew, a subsidiary of Core Development Group, focuses on acquiring and developing alternative rental asset types. For more information: coredevelopment.ca.