Fengate closes on transit-oriented purpose-built rental site in Etobicoke

TORONTO, July 21, 2025 (GLOBE NEWSWIRE) -- Fengate Asset Management (‘Fengate’) is pleased to announce the closing of a landmark purpose-built rental development site at 4–10 Beamish Drive in Etobicoke, a strategic, transit-oriented parcel located just steps from the Kipling Transit Hub.

Adding to its growing multi-family portfolio, Fengate is managing this investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada (‘LiUNA’), as well as another Canadian pension fund.

Set to begin construction in 2026, the site is zoned for a 44-storey, 509-unit residential tower which will offer a range of units from studios to three-bedroom units within a modern, connected, and community-focused living experience in one of Toronto’s most rapidly transforming neighbourhoods. Located at the intersections of Dundas Street West, Bloor Street West, and Kipling Avenue, the site is well positioned with direct access to TTC subway lines, GO Transit, and MiWay bus services, providing seamless connectivity across the Greater Toronto and Hamilton Area (GTHA).

“We are proud to partner on another development that will introduce more high quality purpose-built rental homes to the city and create jobs for skilled trades workers,” said Joseph Mancinelli, International Vice President and Regional Manager for Central and Eastern Canada and Chair of the Board of Trustees at LiUNA. “Through each new project, we are advancing LiUNA’s mission of building up stronger communities and enhancing the quality of life for Canadians while generating positive financial returns for the members of LiUNA.”

4–10 Beamish Drive will complement the broader Six Points Redevelopment Plan, a transformative initiative by the City of Toronto that aims to improve roadways, pedestrian and cycling infrastructure, and create mixed-use destinations such as the new Etobicoke Civic Centre, which includes a library, art gallery, childcare centre, and recreation facilities. The Plan also adds over 12,000 square metres of new parkland, including Dunkip Park, and features a district energy system for near-zero emissions.

“This development represents a significant step forward in our commitment to delivering dynamic, transit-connected rental housing in vibrant urban communities,” said Jaime McKenna, President, Fengate Real Estate. “With its proximity to major transit, retail, and civic amenities, 4–10 Beamish Drive is poised to become a cornerstone of the Six Points neighbourhood revitalization, creating more jobs and bringing more homes to Toronto’s housing market.”

4–10 Beamish Drive will target the Toronto Green Standard for sustainable building design and LEED Silver certification, aligning with Fengate’s mission of sustainable urban development and community integration.

With three residential developments in construction in the first half of 2025 and another three in construction before the end of the year, and a pipeline of over 25,000 residential units to be delivered over the next 10 years, Fengate is committed to providing a diverse range of best-in-class rental housing solutions to meet the needs of Canadians.

MEDIA CONTACT

Matthew Ventura
Director, Communications and Marketing, Real Estate
Fengate Asset Management
matthew.ventura@fengate.com
416-432-6194

About the LiUNA Pension Fund of Central and Eastern Canada

Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the largest multi-employer pension funds in Canada. With a diverse investment portfolio and over $12 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at lpfcec.org.

About Fengate Asset Management

Fengate is a leading alternative investment manager, with more than $40 billion of assets under management, focused on infrastructure, private equity, and real estate strategies.

With offices and team members in Canada and the United States, Fengate has a proven track record of successful projects and partnerships and an established reputation as one of the most active real asset investors and developers in North America. Fengate Real Estate, a division of Fengate Asset Management, is a fully integrated real estate investment, development and asset management platform with a $20 billion portfolio, including a 25,000+ residential unit pipeline and 5M+ square feet of industrial space in varying stages of development. Learn more at fengate.com.

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