University of Calgary Properties Group and Truman Partner to Develop Purpose-Built Rental Projects in University District

A first-of-its-kind joint venture between University of Calgary Properties Group and builder-partner Truman will provide additional rental residences in University District.

University of Calgary Properties Group (UCPG) and Truman have announced a joint venture to develop a purpose-built rental residence, called Scholar, in University District; the first-of-its-kind in the community.

The joint venture arrangement includes a 50/50 ownership split between UCPG and Truman of the residential units, with UCPG owning and managing the main floor retail platform, and Truman serving as the residential property manager. The joint venture will act as a new opportunity for UCPG to continue optimizing returns on the University of Calgary-owned land for the benefit of the University’s academic mission.

The first development under the joint venture is a six-story mixed-use, purpose-built residential rental building, located on the southeast corner of University Avenue NW and McCaig Street NW. This development will consist of an anticipated 13,000 sq. ft. of retail space, 203 purpose-built rental units and 226 parking stalls. Construction is anticipated to start later in 2025, with a planned completion date of 2027.

Says Novy Cheema, President and CEO of University of Calgary Properties Group, “This collaboration with Truman marks an exciting step forward in the evolution of University District. The joint-venture and this project reflects our ongoing commitment to providing high-quality housing options and more services on University Avenue that meet the needs of our growing community, while delivering long-term value to the University of Calgary.”

Truman’s residential project under construction in University District includes Academy; and completed projects include Esquire, Maple and Noble. Says George Trutina, Founder of Truman, “We’re thrilled to partner with University of Calgary Properties Group on this project to help deliver affordable, innovative housing solutions that support Calgary’s continued growth.”

University District continues to establish itself as one of Calgary’s most desirable mixed-use communities. With its thoughtfully planned multi-family dwellings for sale and rent, retail, dining, wellness and service offerings, the community provides a vibrant lifestyle for residents and visitors alike.

For more information about University District’s residential offerings, visit https://myuniversitydistrict.ca/live-at-ud/

About University District

To the west of the University of Calgary and overlooking the Bow River and Rocky Mountains, University District is a comprehensive 200-acre community with a bold new vision for urban life in Calgary. Through a collaborative, people-first design process, the Master Plan and thorough engagement program forged strong respect between local community members and University District Trust. The neighbourhood applies the best ideas in urban design and incorporates the wants and needs of surrounding legacy communities–weaving current aesthetic, technology, and lifestyle options into the strong social fabric of the city.

For more information about University District, visit its Discovery Centre at 4410 University Ave. N.W., Calgary (located on University Avenue accessible from Shaganappi Trail NW) or go online: myuniversitydistrict.ca and visit Instagram, X, and Facebook, #UDLife

About University of Calgary Properties Group

University of Calgary Properties Group Ltd. (UCPG) was created by the University of Calgary to oversee the development and management of university land projects. With a financial model that provides an innovative approach to land development, residual profits from UCPG are directed back to the University to fuel its academic mission. Setting a high standard for sustainable and progressive neighbourhood design, UCPG’s team and board of directors are dedicated to creating, developing and managing premier communities. With the Master Plan for University District underway and portfolio diversification with University Innovation Quarter, UCPG is delivering on creating amazing places where people can thrive.

About Truman

For over 35 years, Truman has been building properties of exceptional quality and distinguished craftsmanship in Calgary and surrounding areas with the core belief that everyone can Live better®.

Media Contacts

Lorna Prediger
Director, Marketing
University of Calgary Properties Group
lprediger@ucpg.ca
(587) 747-5289

Jacqueline Tran
Senior Manager, Marketing and Communications
University of Calgary Properties Group
jtran@ucpg.ca
(587) 774-4770

Rachel Redmond
Worthington PR & Story for University District
rredmond@worthingtonpr.com
(403) 305-0503