Fengate, on behalf of LiUNA, and Address acquire Leslieville site for new purpose-built rental community
Today, Fengate Asset Management ("Fengate") and Capital Developments, through its purpose-built rental platform, Address, announced the acquisition of a mid-rise development site at 880 Eastern Avenue and 80 Knox Avenue in Toronto’s Leslieville neighbourhood.
The acquisition marks a new joint venture between the two firms, which will serve as co-development managers, with Fengate managing the investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada (“LiUNA”). The partners plan to develop more than 250 purpose-built rental homes on the site, including affordable rental units. The acquisition expands Fengate’s purpose-built rental portfolio into Toronto’s east end, where supply remains limited.
“LiUNA is committed to investments that create long-term value for our members and strengthen the communities where we work, live and build,” said Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Canadian Director. “880 Eastern will add purpose-built rental homes in Toronto’s east end and reflects LiUNA’s leadership in supporting stronger, more connected and vibrant communities.”
“Toronto’s population continues to grow, and the supply of high-quality rental housing has not kept pace,” said Jaime McKenna, President, Fengate Real Estate. “We are thrilled to be partnering with Address, a team that shares our commitment to delivering more housing for our city. Together, we are unlocking new rental supply in Leslieville and creating a connected community where people can live and work, with convenient access to transit, the waterfront and everyday amenities.”
The site provides access to existing streetcar and bus routes, with the future Ontario Line Leslieville and East Harbour stations set to further improve connectivity to downtown Toronto and across the city. The site’s proximity to downtown, transit, Queen Street East, the waterfront, Woodbine Beach and neighbourhood amenities will support demand among young professionals and downsizers seeking rental housing in an established east-end community.
“We’re proud to launch this new partnership with Fengate and LiUNA” said Jordan Dermer, Co-Founder, CEO, Capital Developments. “Fengate’s institutional strength, combined with the residential development experience we’ve built at Capital Developments, gives us a strong foundation to deliver purpose-built rental at scale. 880 Eastern is an exceptional first project together, and a chance to add high-quality rental homes to one of Toronto’s most loved neighbourhoods.”
The project will target LEED certification, embedding sustainability throughout its design. Construction is expected to begin late 2027.
October 15, 2026
