- What Manulife IM and Cedar Podium IM will develop a PBSA project in Kingston, Ont.
- Why It’s part of a new strategic partnership between the two firms
- What next Construction is expected to start this quarter
Manulife Investment Management and Cedar Podium Investment Management will develop a 15-storey student-housing project in Kingston, Ont.
The development is part of a strategic partnership the firms have formed to develop purpose-built student accommodations. This inaugural project will lay the groundwork “for a large-scale partnership focused on delivering high-quality, professionally managed student housing across Canada,” Manulife said.
The development, at 283 Queen Street, will be in the city’s downtown and will be roughly 600m from Queen’s University. It will deliver 178 units with 389 fully furnished bedrooms. Amenities will include a fitness centre, study areas, a lounge and laundry facilities.
Kingston also is home to the Royal Military College of Canada and St. Lawrence College. As of November 2023, over 35,000 postsecondary students moved to Kingston for the academic year, student-housing research firm Bonard found.
Purpose-built student-housing supply is low all across Canada, with Bonard finding a 10.3% provision rate for the country’s 2.2m students. In Kingston, that provision rate was just 7.8%. Historically, private landlords have filled much of the demand for student rentals.
Marc Feliciano, global head of real estate at Manulife, noted that the development of professionally managed student housing “can be a catalyst for conventional multifamily inventory to be released as students transition into these available assets.”
Site preparation is underway, with construction expected to begin by the end of Q2. Completion and occupancy are expected for fall 2027.
Manulife IM is the asset management arm of Toronto-based Manulife Financial.
Cedar Podium Investment Management is a Canadian PBSA investment management firm formed via a partnership among Cedar Pacific Investment Management, Pamoja Capital and Podium Group. The firm has over $1.5bn invested in the PBSA sector across 19,000 beds and more than 39 buildings. It has seven additional buildings under development.
