LiUNA-Fengate Rental Tower Leases 30% in Three Months in Hamilton

The building includes geothermal heating and cooling, heat recovery ventilation, smart metering, and EV-ready parking. Residents have access to a double-height lobby, a fitness centre, a lounge with dining area, and an outdoor terrace.

For institutional investors, the project illustrates the flow of pension capital into residential real estate. LPFCEC, which manages more than $13 billion, has a diversified portfolio that includes real estate in several provinces. Fengate oversees $40 billion across infrastructure, private equity, and real estate strategies, with a 25,000-unit residential pipeline.

The broader context: Canada needs more rental housing. Purpose-built starts have increased but still lag population growth. Partnerships like this one show that institutional capital can deliver scale, though construction costs and municipal approvals remain bottlenecks.

Fengate Communities now has more than 10 new communities in development across Canada, the firm said. The company has delivered thousands of homes, and McKenna said the group is responding to the housing supply challenge with communities that create "enduring value for residents and our investors."