EDMONTON — Upfield Capital, a Vancouver-based real estate investment and asset management firm, in partnership with Arrowleaf Real Estate, has acquired Cornerstone at Uplands, a 181-unit purpose-built townhome rental community currently under construction in Edmonton.
First occupancy is scheduled for this month, with full completion expected within 12 months across three phases.
According to a release, Upfield’s investment strategy targets “missing middle” housing —townhomes, rowhouses and ground-oriented rentals — that have been significantly underbuilt relative to demand.
Families seeking two- and three-bedroom homes represent a more stable, long-term tenant profile, the company states.
“Townhome rentals are a missing piece in most Canadian markets. In Edmonton, townhomes represent less than five per cent of total rental inventory,” said Andrew Kurbis, executive managing director at Arrowleaf Real Estate, in a statement. “They offer a rare combination of scale, livability, and long-term stability, and they address a segment of demand that continues to deepen as affordability challenges persist.”
This marks Upfield’s second Alberta acquisition in the past year. Since launching in 2023, the firm has completed six transactions across B.C. and Alberta.
“Purpose-built rental has largely focused on smaller, investor-driven product,” said Rob Greer, co-founder at Upfield Capital. “We’re focused on a segment that’s been overlooked, and that’s where we see both resilience and long-term value. These aren’t transitional rental units. They’re homes where people can stay, grow, and build community for the long-term.”
Upfield states it is actively pursuing additional acquisitions of townhome communities, both completed and in development, across Western Canada.
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