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The dreary six-story apartment block in Toronto’s north end was nicknamed “Divorcee Towers” after the newly single who lodged at its short-stay units. Then Timbercreek Asset Management Inc. moved in.

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The real estate investment company installed new hardwood floors, stainless steel appliances, energy efficient windows and preserved 1930s art-deco details such as a steel-cage elevator, boosting the rent to about the same as a modern downtown condominium.

Timbercreek is at the forefront of the next boom in Toronto’s supercharged housing market: rental apartments. While the company specializes in renovating dilapidated buildings, at least 21 high-rise projects are slated to be built by developers as rental apartments in the city. Meanwhile, apartment real estate investment trusts are the best performing REITs on the Toronto Stock Exchange.