Forum Launches Student Housing Fund With $46.7-Million Raise

Forum Launches Student Housing Fund With $46.7-Million Raise
News| August 10, 2026| Joel Bowey
Canada + Student Housing

Forum has acquired interests in five Ontario purpose-built student housing properties through a new investment fund backed by a $46.7-million inaugural capital raise.

The portfolio includes three income-producing properties, a preferred interest in one development and a commitment to acquire an interest in another property once construction is complete.

Forum confirmed the portfolio details to Connect. ALMA Sandy Hill and 417Nelson in Ottawa serve the University of Ottawa, West Village Suites in Hamilton serves McMaster University, QUAD at York Phase 3 in Toronto serves York University and ALMA Guelph Phase 2 serves the University of Guelph.

Together, the interests represent an initial portfolio with a gross asset value of approximately $100 million.

“There are five purpose-built student housing assets serving Ontario universities, and they benefit from strong underlying enrolment trends,” Forum managing director of alternative assets Domenic Gallippi told Connect. “A number of the assets are located directly on campus, while the others are within immediate walking distance.”

Gallippi said the properties are institutional quality, fully amenitized and designed specifically for students.

“What we can control is location and product quality,” he said. “Being on campus or within a short walk of campus is not something that can be replicated over time, and purpose-built student housing designed specifically for students continues to outperform generic rental alternatives.”

Ontario is on track to add a record 6,313 student housing beds in 2026, but purpose-built and on-campus supply remains equivalent to just 20.6 per cent of university enrolment, suggesting room for further growth in the sector, according to Urbanation.

The closed-end fund is separate from the Forum Real Estate Income and Impact Fund, Forum’s open-ended vehicle with approximately $2.9 billion in assets under management.

The capital raise included $43.3 million from an initial public offering, two non-brokered private placements and a Forum co-investment. The fund has also received $3 million in commitments for another private placement.

Pictured: York University’s Keele campus in Toronto

Credit: York University

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