Our Real Estate Equity Partners team is thrilled to announce StoreWest Bluebird Partners will open its newest facility in the third quarter of this year as part of a continued commitment to developing Class A self-storage facilities throughout Canada.
In partnership with our inaugural real estate-focused private equity fund, StoreWest Bluebird Partners will acquire and lease a 731-unit, spec-built self-storage facility in Calgary with sale at stabilization. This venture marks the ninth and final project in KV RE Equity Partners Fund I LP, fully committing the fund’s $46.5 million of capital within 18 months of the initial closing date.
A positive outlook for real estate
The facility launch announcement comes at a time when the Alberta market continues to show strong momentum. Per the Government of Alberta’s Alberta Economic Dashboard, Alberta recorded $2.5 billion in building construction investment in May 2024, an increase of 12.7 percent from May 2023.
ATB Financial’s Quarterly Alberta Economic Outlook, as of June 2024, projects Alberta will be among Canada’s growth leaders this year with provincial real GDP anticipated to outpace national growth rates.
Housing construction in particular is a key driving force behind this growth. As ATB Financial’s economics team notes, housing starts are up 58 percent in June 2024 compared to June 2023. When looking at a year-to-date basis, starts are up 53 percent—a metric that has not been seen for the first six months of a year since the 2007 boom.
Supporting Alberta’s economic growth
As our team actively raises capital for KV RE Equity Partners Fund II LP, we are grateful for our investors’ contributions to help support this growing demand for real estate development. We look forward to celebrating more milestones for our partners—and by extension, the economic regions we invest in.
For Fund II investment opportunities, learn more here or contact Darin Rayburn or Nicholas Jeanes at info@kvcapital.ca
The Real Estate Equity Partners mandate
KV RE Equity Partners Fund II LP aims to leverage the achievements of our first fund, focusing on real estate investments with clear exit strategies and strong risk-adjusted returns.
Our Real Estate Equity Partners fund and team provide developers with much-needed access to a Western Canadian-based equity sponsor with a specific mandate to invest in a diverse range of mid-sized development projects. Through strategic partnerships with established developers, we strive to be a partner of choice in the development of our communities.
Our team combines the best of what KV Capital can bring to support a project including a leadership team of experienced and pragmatic deal doers supported by the technical strength and expertise of our best-in-class real estate finance team.
Read more about Fund II at KV Capital Real Estate Equity Partners Launches Fund II – KV Capital
This post is for information purposes only and does not constitute a solicitation or an offer to sell products or services of KV Capital Inc. and/or its subsidiaries.
Sources:
Government of Alberta. Construction. Alberta Economic Dashboard, 2024, https://economicdashboard.alberta.ca/topics/construction/.
ATB Financial. The Twenty Four Seven: Quarterly Economic Outlook. 18 June 2024, https://interactive.atb.com/economic-outlook-jun-2024.
Bhattacharya, Siddhartha. “More roofs for more heads: Home construction surge continues in Alberta.” The Twenty-Four, 17 July 2024, www.atb.com/company/insights/the-twenty-four/housing-starts-june-2024.
