1 Asset Management Launches CAD 73M Student Housing Development in Guelph
Lithuanian investment fund management company 1 Asset Management has announced a CAD 73 million (approximately EUR 46 million) student housing development in Guelph, Ontario, marking the firm's second investment in Canada. The project will be developed in partnership with Canadian real estate development company Elysium Investments and is expected to deliver approximately 430 beds near the University of Guelph by 2028.
Development Details: Yarra Student Housing Guelph
The project, operating under the Yarra student housing brand, will span more than 15,000 square metres in a location described as strategically adjacent to the University of Guelph. Construction is planned to begin in 2026, with completion targeted for 2028. The investment will be made through a 1 Asset Management Luxembourg AIFM structure.
The development will feature shared amenity spaces including study rooms, co-working areas, and sports and leisure infrastructure. Ground-floor commercial premises are planned to integrate the project with surrounding urban infrastructure. The building will also incorporate smart building management systems and modern security technology.
"This investment represents the consistent implementation of our strategy to invest in segments characterised by stable demand and long-term growth trends, while also providing investors with access to lesser-known markets and unique projects, thus creating opportunities to diversify investment portfolios," said Alius Jakubėlis, CEO of 1 Asset Management.
Guelph's Student Housing Supply Gap
Located approximately 100 kilometres west of Toronto, Guelph has a population exceeding 130,000 and is home to the University of Guelph, which enrolls approximately 29,500 students. According to 1 Asset Management, total housing supply in the market stands at roughly 16,900 beds — leaving a shortage of approximately 12,600 beds, or a gap of about 42.7% relative to demand.
The firm cited additional demand pressure from enrollment growth: in 2024 alone, 7,849 first-year students were admitted to the University of Guelph, while more than 1,300 were unable to secure university-provided housing. The Guelph rental market vacancy rate sits below 1%, and the average rent for a one-bedroom apartment has increased approximately 11% over the past three years to roughly CAD 2,039 (approximately EUR 1,400), according to the announcement.
"We see a very clear imbalance between the growth in student numbers and the capacity of existing infrastructure, and this imbalance will only continue to increase in the coming years. In markets such as Guelph, student housing is becoming not only an attractive investment opportunity, but also essential infrastructure that ensures access to and quality of education," said Gediminas Vilutis, manager of the Canadian student housing fund at 1 Asset Management.
Elysium Investments' Role
Elysium Investments, the local development partner on the project, manages the full development cycle — from land acquisition and design to construction and asset management. The company specializes in residential and mixed-use developments and has completed multiple projects in the Canadian market, according to 1 Asset Management.
The Yarra brand, under which the Guelph project will operate, is described as a student housing concept centered on fostering social connections, academic productivity, and personal growth.
1 Asset Management's North American Strategy
The Guelph development represents 1 Asset Management's second investment in Canada. In 2024, the firm — together with Lithuanian investors — deployed CAD 15 million (approximately EUR 10 million) into student housing projects in Toronto, Ottawa, and Guelph.
"This is already our second investment in Canada. Student housing is one of the most resilient real estate segments, characterised by stable cash flows and clear demographic trends. We see significant potential for further growth in this segment, drawing both on the experience we have accumulated in Europe and on partnerships with strong local market participants," Jakubėlis added.
1 Asset Management began investing in student housing in 2020 and currently manages a portfolio of 2,721 beds across Lithuania, Latvia, and Poland through its 1AM European Student Housing Fund and CEE Student Housing Fund. Following the opening of two new student housing properties in Warsaw in 2024, the company said it became one of the three largest developers of modern student housing in Poland by bed count. Assets under management across the firm's broader portfolio currently exceed approximately EUR 750 million, with more than 420 investors. In 2025, the company expanded internationally by establishing a presence in Luxembourg through the acquisition of a local management company.