Cranson Capital eyes $246m of projects for PBR Fund
3 Apr 2025 | 08:45 | Toronto | by Matt Lamers
https://greenstreetnews.com/article/cranson-capital-eyes-246m-of-projects-for-pbr-fund/
Looking to raise at least $30m in equity for four purpose-built rental developments
Cranson Capital’s Purpose-Built Rental Fund is raising equity for four ground-up developments, the projected values of which, together, would reach approximately $246m at stabilization, Green Street News can reveal.
The fund is looking to raise $30m for the four projects, which collectively will have over 400 units. There will be one project in Kitchener and one in Grimsby, both in Ontario, and two in Toronto. If it raises the $30m required, Cranson, which specializes in private market real estate investment opportunities in Canada, could add other projects to the PBR Fund.
The fund is TFSA and RRSP eligible with a minimum investment of $25,000, but investors can access any of the limited partnerships directly with a minimum investment of $100,000.
The four projects in the PBR Fund are:
The InnoDev Vaughan Road Limited Partnership is proposing to build a 93-unit, purpose-built rental development at 146-150 Vaughan Road in Toronto. The developer is understood to be applying to increase the size of the project. The development is projected to reach stabilization in four-and-a-half years with a projected value of $70.9m.
Cranson Capital’s PBR Fund is looking to raise $8.6m. The developer, InnoDev Partners, is putting in $1.3m. The estimated annual return is 28.9%, and the estimated total return is 127.6%. Plans have the 93 units spread over a net rentable area of 56,000 sq ft, for an average unit size of 605 sq ft. Rent is proposed to start at $2,100 per month, with an estimated average monthly rent of $2,739.
The property is less than 1 km from the St. Clair West subway station, Cedarvale Park and St. Clair Avenue, which has many pharmacies, grocery stores, restaurants and other shops.
The Montoro The 30 Limited Partnership is planning a 90-unit, purpose-built rental project at 30 Niagara Street, in Grimsby. The development is zoned, and construction is expected to start later this year. The project is expected to reach stabilization in three years, with a projected value at almost $40m.
Cranson Capital’s PBR Fund is looking to raise $4m. The developer, Montoro Developments, is putting in $400,000. The estimated annual return is 49.8%, and the estimated total return is 111.9%.
The 90 units will be spread over a net rentable area of 54,000 sq ft, for an average unit size of 647 sq ft. Rent is estimated to start at $1,048 per month, with an average monthly rent of $2,067.
Grimsby, about an hour from Toronto, is one of the fastest-growing municipalities in the Niagara Region. The city’s population grew by 9.7% from 2017 to 2023, higher than the provincial average. The property sits next to a plaza with amenities including a grocery, a pharmacy, a bank, retail stores and quick-serve restaurants. The site is under 1 km to the Queen Elizabeth Way and the main street leading to downtown Grimsby.
The Pinemount West Oak Trail Limited Partnership is planning a 172-unit, purpose-built rental development at Fischer Hallman Road and West Oak Trail in Kitchener.
The development is estimated to reach stabilization in three-and-a-half years, with a forecast value at stabilization of almost $101m.
Cranson Capital’s PBR Fund is looking to raise $6.5m. The developer, Pinemount Developments, is contributing $1.3m. The estimated annual return is 46.6%, and the estimated total return is 159.3%. The 172 units will be spread over a net rentable area of 127,000 sq ft, for an average unit size of 736 sq ft. Rent is estimated to start at $2,125 per month, with an estimated average monthly rent of $2,356. The site is zoned and has received site-plan approval from the City of Kitchener. Construction is expected to begin later this year. The site is approximately 7 km to downtown Kitchener and the nearest Highway 401 on-ramp.
The Toronto Standard Dufferin Limited Partnership is proposing a 51-unit, purpose-built rental development at 1423 Dufferin Street in Toronto. The development is projected to reach stabilization in three years, with a projected value of $34.4m.
Cranson Capital’s PBR Fund is looking to raise $4.1m. The developer, Toronto Standard, is putting in $500,000. The estimated annual return is 51%, and the estimated total return is 152.9%. The 51 units will be spread over a net rentable area of 31,000 sq ft, for an average unit size of 653 sq ft. Rent is estimated to start at $1,995 per month, with an estimated average monthly rent of $2,897.
The project is close to Geary Avenue, known for an eclectic mix of artist studios, restaurants, bars and other cultural venues. It is about 1 km to the Dufferin subway station and the St. Clair streetcar.