We are pleased to report the deployment of capital into Traverse at Three Sisters, a 94-unit purpose-built rental townhome development in Canmore, Alberta, through KV RE Equity Partners Fund II LP. This transaction represents a strategic partnership with ICM Property Developments and marks the first institutionally-backed, purpose-built rental townhome project in the Canmore market.
This investment aligns with our strategy of deploying capital into high-quality rental housing assets in supply-constrained markets with favorable long-term demographic and economic fundamentals.
Investment highlights
- Asset configuration: 94 stacked townhomes (47 one-bedroom, 47 three-bedroom) generating stabilized revenue between $2,300-$3,750 per unit monthly
- Strategic location: Phase 1 site within Three Sisters Mountain Village master-planned community, positioned between downtown Canmore core and Stewart Creek with superior views and amenity access
- Execution risk mitigation: Site carries approved zoning, clear path to permits (DP issuance Q1 2026, BP Q2 2026), and experienced construction partner with demonstrated regional expertise
- Operational advantage: Kalamoir’s portfolio includes 700+ delivered units across Alberta and BC mountain markets with proven cost management and schedule adherence, and Peka is the leading property manager in Canmore
Project timeline
Q2 2028: Stabilization achieved; monetization event targeted
Q4 2025: Initial capital deployment; regulatory approvals commence
Q2 2026: Site acquisition and vertical construction initiation
Q1 2028: Asset delivery and lease-up phase
Market opportunity
Our investment thesis is underpinned by compelling supply-demand dynamics in the Canmore rental market. CMHC data indicates structural undersupply with vacancy compression to 0.3% as of 2024. Historical rent growth demonstrates strong pricing power, with one-bedroom and three-bedroom units achieving compound annual growth rates of 7.2% and 5.9% respectively over the trailing 10-year period.
Traverse at Three Sisters will establish a new product category in Canmore – professionally managed, institutionally owned rental townhomes. Current market inventory consists exclusively of secondary rental stock, with only three comparable townhome listings available. This first-mover positioning provides meaningful competitive advantage in a market characterized by constrained land supply, restrictive development approvals, and sustained population growth driven by quality-of-life migration and tourism employment.
The asset benefits from exceptional natural amenity value including unobstructed mountain views, integrated trail systems, and proximity to the Gateway mixed-use development currently under construction, which will deliver essential retail, grocery, and medical services.
Portfolio strategy
This transaction advances our objective of building a diversified portfolio of real estate equity investments across Western and Central Canada, with particular focus on Alberta, British Columbia, Saskatchewan, Manitoba, and Ontario. Our approach emphasizes partnerships with experienced regional operators who bring local market expertise, operational capabilities, and meaningful co-investment.
Comprehensive project updates and consolidated fund performance reporting will be delivered through our quarterly investor communications.
About our partner
ICM Property Group creates spaces where people genuinely connect—to their work, their homes, and each other. As an integrated development, asset management, and property management firm, we leverage deep cross-disciplinary expertise across multiple asset classes and diverse markets to deliver both exceptional financial returns and meaningful social impact.
ICM Property Group operates as the real estate equity investment platform of ICM Asset Management, a premier Canadian alternative investment firm founded in 2003. With approximately $1 billion in gross asset value under management, ICM Property Group has built its reputation through disciplined investment execution, innovative strategy development, and uncompromising professional standards. Our approach emphasizes thoughtful capital deployment, collaborative investor partnerships, and exceptional client service.
KV Capital Inc. is a licensed mortgage brokerage in Alberta, Ontario, and British Columbia, and a licensed financing corporation in Saskatchewan | Ontario Licenses #13465 and #13656 | Saskatchewan License #514505
