From a pair of high-rise towers coming up near Mount Dennis Station to a landmark project set to rise near Bloor and Keele (and much more), it’s clear that Elysium Investments is heavily invested in the Greater Toronto Area’s purpose-built rental space.
And it’s a smart space to be in, when you consider that condo-hungry developers have not yet tapped into the GTA’s purpose-built rental segment’s full potential.
"Some four or five years ago, what struck me was just how rudimentary the purpose-built rental sector appeared, especially when held against the sheer sophistication of condo developers with their projections, schematics, and strategic foresight," says Elysium CEO Sayf Hassan. "At that time, most purpose-built rentals were being valued in the most reductionist fashion — on a per-door basis, no less. As I dug deeper, it became abundantly clear that the potential was vast, precisely because the sector hadn't been examined, let alone harnessed, with the same rigor and ingenuity condos had benefited from."
Hassan, who formerly oversaw acquisition at Parkbridge Lifestyle Communities, had a hand in pushing Elysium in the direction of purpose-built rental as the new condo market began to show signs of slowing down.
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"I’ve always considered purpose-built rental to be the sole asset class that matters. When we underwrite deals, we don't waste time considering them as condos or any other asset type. If the numbers add up for purpose-built rental, we move ahead," Hassan says.
"As for the role of developers, it's fundamentally about the democratization of housing. And by democratization, I’m not talking about the overused terms like 'affordable' or 'attainable' — those are just platitudes. It’s about delivering housing at scale and doing so with real consistency."
Bearing in mind the needs of the time, for Elysium’s part, the focus is on bringing much-needed rental housing to transit-oriented neighbourhoods and nodes across the GTA — as we’ve seen recently with their investment in the Leaside neighbourhood of Toronto.
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"It’s always about confronting the realities of the environment you’re working in and ensuring there’s a practical solution. If it isn’t feasible, it won’t get built — fact, not fantasy," says Hassan. "We don't come in with preconceived ideas; we stay flexible until the right opportunity presents itself. Once it does, we act with pragmatic intent. I’d venture to say we’re both democratic and responsible in our approach, meaning we prioritize results. Sure, our designs may be distinctive, even bespoke, but they’re always firmly rooted in the reality of what can be built and completed."
Hassan acknowledges that the GTA’s purpose-built rental segment has a long way to go — and that's in spite of recent measures from the federal government. Nonetheless, he says he knows that Elysium will play a major role in the GTA's purpose-built rental segment’s future. Hassan included, the company’s foundars are inarguably tuned into what the sector needs right now, as well as going forward.
Elysium Investments C-Suite
"Our role, frankly, is rather unpretentious," Hassan observes. "It’s merely about supplying housing to these transit-linked, high-density growth areas — nothing more than the practical task of meeting a clear demand."
To learn more, visit elysiuminvestments.ca.
This article was produced in partnership with STOREYS Custom Studio.
