Global real estate investment manager BGO has confirmed its first purchase of purpose-built student housing in North America. The firm has acquired a prominent two-tower residential complex in the Garneau area of Edmonton, situated moments from the University of Alberta. This move broadens the company’s residential portfolio within one of Canada’s most active academic and medical zones.

The deal includes two distinct buildings. Laurent is a purpose-built student residence finished in 2023, while Eleanor is a modern multifamily high-rise completed in 2024. Together, the site offers 272 residential units and 493 student beds. The towers are linked by a shared podium exceeding 5800 sq ft, which contains retail units and parking facilities.

Under the new ownership, BGO Living will manage Eleanor to provide institutional-level service for residents. Laurent will be operated by UniLodge, utilizing their specific experience in the student sector. The properties are already fully leased as of October 2025. Demand remains high due to the location near the University of Alberta North Campus and the University Hospital.

“This acquisition represents a strategic milestone for BGO as we expand into purpose-built student housing in Canada,” said Simon Holmes, Managing Partner and Canadian Chief Investment Officer, BGO. “Eleanor and Laurent combine best-in-class design with a desirable location adjacent to one of Canada’s leading universities. With Eleanor professionally managed by BGO Living and Laurent supported by UniLodge’s student-housing expertise, we believe the portfolio is positioned to deliver long-term value for our investors while contributing positively to the broader community.”

The project also addresses local housing needs. Eleanor includes 68 affordable units, representing 25% of the building, through the CMHC MLI Select Program. This highlights BGO’s aim to provide community benefits alongside commercial investment. Both buildings feature high-quality construction and amenities such as fitness centres, co-working lounges and secure keyless entry systems.

The Garneau neighbourhood location provides residents with excellent transport links. The complex is approximately 250 metres from the university campus and the hospital. It is also less than 400 metres from the University LRT Station, offering quick access to downtown Edmonton. Cushman & Wakefield advised the vendor, while McCarthy Tétrault LLP provided legal counsel for BGO.