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An upscale Calgary neighbourhood remains in shock, after millionaire real estate developer Riaz Mamdani was ambushed and shot outside his Mount Royal home Monday.

Calgary police were called just after 8 a.m. to the front of a house in the 2200 block of 7th St. S.W. where they found a man inside a car suffering from gunshot wounds. Mamdani, chief executive and founder of the real estate investorStrategic Group, was identified as the victim by a company spokeswoman, who said he is in stable condition.

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Police said in a release Monday afternoon that the shooting was likely targeted, though an exact motive is not known.

“The shooter definitely knew where he was and who he was going after,” Staff Sgt. Travis Baker said. “I don’t know what the motive was at this point, but we believe that the shooter knew where he was and what he was doing.”

Investigators are searching for a suspect described only as “a male wearing a bright orange jacket.”

Photo by Gavin Young / Postmedia News

A Rolls-Royce Phantom with front-end damage and bullet holes through the windshield was cordoned off by police in front of the Mamdani home, among the most valuable homes in Calgary.

“As for the damage to the front of the vehicle, we believe that was a result of the victim hitting the gas pedal and running into a stationary object,” Baker said. “I believe it was a barricade of some sort.”