Hungerford Properties, an Indigenous-owned real estate firm, plans to finance the development of thousands of housing units in major Canadian urban centres with its Seven Generations Growth Fund capitalized with $75 million.

Based in Vancouver, Hungerford Properties is operating the fund under the Seven Generations Capital brand with the expectation to support 10 to 15 projects. Those investments are to be directed toward workforce and market housing, mixed-use projects and light industrial developments, it said in a release.

Details about the housing, such as the type of housing, sizes or prices, and the kinds of mixed-use and industrial projects to be supported, were not disclosed in the announcement.

The $75 million committed to date includes contributions from RBC, the Victoria Foundation, endowments, foundations, pension funds, economic development corporations, trusts and family offices.

"Our decades of experience in diversified real estate have prepared us to execute this strategy at the highest institutional level," Michael Hungerford, a partner at Hungerford Properties and Seven Generations Capital, said in the release.

Hungerford Properties declined an interview with RENX Homes.

The Seven Generations Growth Fund

Hungerford Properties has operated for over 50 years, investing, managing and building residential, industrial, office, retail and self-storage properties in Western Canada.

Its finished residential projects include:

• Hazelwood, a 152-unit townhome development in South Surrey, B.C.;
• Archetype, an apartment of over 200 units in Vancouver;
• and Royal Alex Place, an 11-storey apartment in Edmonton.

Hungerford’s past funds include one specialized for Western Canada, which closed for $120 million in 2013.

The Seven Generations Growth Fund is to build on Hungerford Properties’ institutional expertise and core values to execute on diversified land developments, while targeting market-rate returns. Its investments are anticipated to benefit from jurisdictional and legal advantages, “allowing for strong downside protection and outperformance.”

Additionally, the fund is geared to being financially inclusive to local partners, making community engagement a priority.

Financial commitments into the Seven Generations Growth Fund will be open until December.

“Our investment into Seven Generations Capital is rooted in the strength of its platform — decades of institutional real estate experience, purpose-built to bridge mainstream capital with Indigenous land partnerships,” Barrie Laver, managing director of venture capital and private equity at RBC, said.

The investment, he continued, reflects the bank’s commitment to Indigenous reconciliation.

More First Nations developing, funding housing in Canada

A number of First Nations have been taking an active role in funding and developing housing in Canada. Examples of notable projects include:

• the Sen̓áḵw development in Vancouver led by Nch‘ḵay̓ Development Corp.;
• Taza Park in Calgary being jointly developed by Tsuut’ina Nation and Canderel;
• the Naawi-Oodena redevelopment in Winnipeg spearheaded by the Treaty One Nations; 
• and a partnership between Immostar and the Huron-Wendat named Ya’ndiyatha’ to develop hundreds of rental units in Wendake, Que.

Addressing the dearth of affordable, quality housing for Indigenous and non-Indigenous Canadians is often the purpose of such projects, such as one project on the land of the Tsawwassen First Nation near Vancouver. The investments also serve as a form of economic development for the First Nations.

Hungerford Properties’ upcoming residential projects are səkʷíw at Keefe Creek, a rental townhome community planned for Kelowna, and Darby’s Corner, a mixed-use community being developed in Vancouver for 68 rental units and curated ground-floor retail spaces.