Forum Asset Management has introduced its first specialized fund for Canadian purpose-built student accommodation (PBSA), securing $46.7 million in equity within two months. Named the Forum Student Living Fund I, it has already taken ownership stakes in three operational properties and committed to two development projects—all located in Ontario—with plans to finalize a fourth acquisition once current developments are complete.
The fund’s initial acquisitions include three buildings near prominent Ontario universities:
- ALMA Sandy Hill (87 Mann Ave., Ottawa), featuring 62 units and 63 beds, sits adjacent to the University of Ottawa.
- 417Nelson (417 Nelson St., Ottawa), with 53 units and 94 beds, is also near the same campus.
- West Village Suites (1686 Main St. W., Hamilton), the largest of the three, offers 107 units and 449 beds close to McMaster University.
The fund holds a preferred stake in two development projects:
- QUAD at York Phase 3 (Haynes Ave., Toronto) will deliver 841 beds across 586 units in two eight-story buildings by September. This marks the first phase of a larger expansion near York University.
- ALMA Guelph Phase 2 (Scottsdale Drive, Guelph), scheduled for 2028, will provide 784 beds in 382 units across two seven-story buildings near the University of Guelph.
Domenic Gallippi, managing director of alternative assets at Forum, stated that investor interest in the fund has been significant. Unlike previous funds, this trust combines income-generating properties with development projects under a single structure.
“We have historically never commingled income-producing properties with a development property in one fund,” said Gallippi. “We’ve had strong demand for both in our platform, and this marked the first opportunity that we brought them under one structure.”
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The capital raise included an initial public offering of trust units valued at $43.3 million, supplemented by smaller private placements and a co-investment from Forum’s own balance sheet. An additional $3 million has been committed for a private placement expected to close in October, with proceeds allocated toward the fourth acquisition and potential increases in existing holdings.
Ontario’s enrollment trends support the fund’s focus. The top 20 Canadian universities saw full-time enrollment rise by more than three per cent from the 2024-25 to 2025-26 academic years, according to Gallippi. Ontario recorded 168,919 undergraduate applicants this fall, the highest total in 50 years, according to the Ontario Universities’ Application Centre. The non-traditional applicant cohort, including mature, transfer, and out-of-province applicants, reversed a two-year decline and increased by 12.4 per cent for this upcoming cycle.
Forum, which oversees assets worth over $3.8 billion across real estate, self-storage, and infrastructure, acquired a 17-property PBSA portfolio with 7,159 beds in 2024 for $1.686 billion. Gallippi said Forum is “constantly evaluating the market and seeing opportunities” and has an active development pipeline that exceeds $4 billion in completion value that it’s looking to deliver over the next three to five years.
Forum’s evergreen fund, the Forum Real Estate Income and Impact Fund (REIIF), holds approximately $2.9 billion in assets and remains open to new subscriptions. However, REIIF excludes development assets, making the new student-focused fund a separate vehicle for both income and growth opportunities.
