Fitzrovia Real Estate Inc. announced it has completed the initial closing of its first real estate fund, Fitzrovia DevCore Fund LP, which focuses on the development of purpose-built rental housing across the Greater Toronto Area. The Fund has a target size of $920 million of equity commitments, with over half of the target commitments secured to date.

“Fitzrovia is deeply appreciative of the unwavering support from our investment partners who have placed their trust in our expertise to develop much-needed rental housing across the GTA,” said Adrian Rocca, CEO and Founder of Fitzrovia. “Since its inception six years ago, Fitzrovia has quickly grown to be the largest developer of rental housing in Ontario and the Fund will allow us to continue to expand our portfolio in a significant way.”

DevCore’s investment mandate is to acquire well-located lands across the GTA in close proximity to public transit and major employment hubs for the purposes of developing rental housing. The Fund’s ultimate capitalization represents over $2 billion of purchasing power, which will be used to help alleviate the GTA’s lack of rental supply.

“DevCore represents the next chapter of Fitzrovia’s strategy of building vibrant communities that prioritize best-in-class hospitality and design,” says Fitzrovia’s Senior Vice President of Investments, Corey Pacht. “Fitzrovia’s portfolio of award-winning communities, including The Waverley, The Parker, The Brixton and Liberty House, best exemplify our curated rental experience and discerning eye for design and craftsmanship.”

DevCore says it will continue to target large-scale opportunities suitable for the development of both master-planned, mixed-use communities and high-rise towers, with an investment bias for fully entitled sites.

For more information visit: www.fitzrovia.ca