Bluevale Capital Group

What Bluevale Capital Group does

Bluevale Capital Group is a Toronto-headquartered, 100% minority-owned real estate investment and development firm founded in 2022 by Managing Directors Jefferson Huang, Samuel Karamanis, and Pavel Abdur-Rahman (per the company history record; firmographics list 2013). The firm specializes in adaptive reuse — the conversion of underutilized commercial properties, primarily offices and hotels, into residential housing — and operates across Canada (Toronto, Calgary, Vancouver, Edmonton, London, St. Catharines, Maple Ridge) and the United States (Connecticut, Los Angeles). The underlying development approach reuses up to 90% of existing building materials and is positioned to reduce embodied carbon by up to 80% relative to new construction, enabling faster project timelines such as the London conversion completed in under a year. Project examples include the 510 5th St SW office tower in Calgary (128 rental homes, $8.3M DDIP award), the former Residence Inn in Shelton, Connecticut converted into Shelton Grove (96 units, 19 designated affordable under the state's 8-30g statute), the 376 Richmond Street conversion in London, Ontario (23 units), Mariner Watch Apartments in Maple Ridge, BC (21 units, KingSett Capital financing), and the Queensway Hotel in St. Catharines ($8.2M acquisition, 52 units).

The business model blends one-time development economics with recurring rental income. Revenue is generated through acquisition, conversion, and either long-term operation of multi-family properties or sale of completed units; ongoing rental income is generated from the portfolio at rents that are often intentionally set below market in affordable units (e.g., London units at $990-$1,400/month versus a $1,700 local average; Shelton one-bedrooms from $1,592/month). Go-to-market is enterprise and B2G: Bluevale responds to municipal incentive programs (Calgary Downtown Development Incentive Program, Downtown Non-Market Office Conversion Grant, London city grants), partners with non-profit housing organizations (Trellis Society, HomeSpace Society) for affordable housing delivery, and secures project financing from specialized multifamily lenders (KingSett Capital, Peakhill Capital). Customer segments span underrepresented renters (young workers, seniors, veterans, multigenerational families), municipal governments seeking downtown revitalization, and non-profit housing organizations. Project execution is supported by a partner ecosystem that includes Gensler (architecture), EllisDon (construction), Bouthillette Parizeau and Entuitive (engineering).

The firm entered a pre-IPO phase in April 2022 with a stated goal of raising $25 million CAD and surpassing $100 million in AUM within a year; the outcome of that raise is not publicly disclosed. The team is small (11-50 employees per firmographics) but credentialed, including CPA-designated managing directors, alumni of Deloitte, IBM Canada's AI & Data consulting division, H.I.G. Capital, Evercore, Starlight Investments, and Marriott/Hilton operations, alongside a Chief of Staff with senior U.S. Treasury and Department of Transportation experience. Revenue is not publicly disclosed, and the firm has not listed on a public exchange as of the available data.

Name

Bluevale Capital Group

Legal name

Bluevale Capital Group

Website

https://bluevalecapital.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Bluevale Capital Group is a Toronto-based, minority-owned real estate investment and development firm specializing in adaptive reuse, converting underutilized commercial properties (offices and hotels) into affordable and market-rate residential housing across Canada and the United States.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Residential Property Managers (531311), Lessors of Other Real Estate Property (53119), New Housing For-Sale Builders (236117)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industry

Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL)

Keywords

• Adaptive reuse development
• Affordable housing development
• Commercial property conversion
• Multifamily real estate investment
• ESG real estate development

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. Real Estate Development & Adaptive Reuse: Bluevale Capital generates revenue through acquiring underutilized commercial properties (office towers, hotels), converting them into residential units, and either renting or selling the completed units. Revenue is realized through rental income streams from their portfolio of multi-family properties and value appreciation from development projects.
2. Rental Income from Multi-Family Properties: The company operates a portfolio of rental apartments across North America, generating recurring rental income from tenants. Properties include affordable housing units with rents intentionally set below market rates.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Bluevale Capital Group is an ESG-focused real estate investment and development firm that acquires underutilized commercial properties (office towers, hotels, extended-stay residences) and converts them into residential housing through adaptive reuse. The firm develops, owns, and operates a portfolio of multifamily rental properties across North America, with a focus on affordable and attainable housing for underrepresented renters such as young workers, seniors, veterans, and multigenerational households. Revenue is generated through rental income from the operating portfolio and through the value appreciation of completed conversion projects, supported by municipal government grants and non-profit housing partnerships.

Product overview

Bluevale Capital Group operates as an ESG-focused real estate investment and development firm specializing in adaptive reuse of commercial properties into residential housing across North America. The company's portfolio consists of distinct conversion projects including office-to-residential conversions (510 Calgary, 376 Richmond London), hotel-to-residential conversions (Shelton Grove, Windsor Residence Inn), and multifamily property acquisitions (Mariner Watch, Queensway St. Catharines, Beltline Terrace). Projects emphasize sustainable development, affordable housing for underrepresented populations, and community revitalization through partnerships with municipalities and non-profits.

Differentiator

Problem solved

Functional benefit

Products and services

• 510 5th St SW Calgary Conversion
• 376 Richmond Street London Conversion
• Shelton Grove Apartments
• Downtown Calgary Office Conversion (Trellis Partnership)
• Mariner Watch Apartments
• Queensway Hotel St. Catharines
• Beltline Terrace
• Residence Preservation Program

Quantifiable outcome

• Reduced construction waste by reusing up to 90% of building materials
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core, major and supporting.

• Trellis SocietycoreStrategic or Co-development Partner · 10 February 2026Bluevale partnered with Trellis Society for Calgary downtown office-to-residential conversion projects. Trellis Society is committed to providing housing, educational support, mental health resources, and community development for Calgary's youth and families. Bluevale is a proud sponsor of Trellis Society events including the annual Soiree which has raised over $1 million.
• HomeSpace SocietycoreStrategic or Co-development Partner · 10 February 2026Bluevale partnered with HomeSpace Society as a recipient of Calgary's Downtown Non-Market Office Conversion Grant to convert nearly 100,000 square feet of office space into 128 non-market affordable housing units.
• GenslermajorTechnology or Integration · 28 November 2025Gensler serves as the architect for the 510 5th St SW office-to-residential conversion project in Calgary, an 18-storey tower being converted into 128 rental homes.
• EllisDonmajorImplementation/ SI/ Consulting Partner · 28 November 2025EllisDon is spearheading construction for the 510 5th St SW office conversion project in Calgary.
• Bouthillette Parizeau (BPA)supportingTechnology or Integration · 28 November 2025Bouthillette Parizeau (BPA) serves as engineering consultant for the 510 5th St SW conversion project.
• EntuitivesupportingTechnology or Integration · 28 November 2025Entuitive serves as engineering consultant for the 510 5th St SW conversion project.
• Hands Up TorontosupportingStrategic or Co-development PartnerHands Up Toronto is a charity co-founded by Bluevale's Managing Directors Jefferson Huang and Samuel Karamanis in 2014, focused on ending food insecurity in the Greater Toronto Area. Since 2020, has delivered 36,000+ food boxes to 75,000+ families. Bluevale founders sit on the Board of Advisors.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Morguard Corporation: Canadian real estate company owning, managing, and developing income-producing multi-residential, office, retail, and industrial properties. Comparable as a long-duration North American residential property owner/operator, though at much larger scale.
• Brookfield Property Group: Global real estate owner/operator/developer and one of the world's largest commercial real estate platforms. Relevant as a broad incumbent with growing multifamily and adaptive-reuse exposure, including office-to-residential conversion activity in select US markets.
• QuadReal Property Group: Global real estate investment, development, and operating company owned by British Columbia's Investco. Comparable to Bluevale in its ESG-oriented development mandate and multi-family/residential focus, but operates at far greater scale across North America.
• GreenOak Real Estate (Oak Street, a Nuveen strategy): Established global real estate investment manager now part of Nuveen, focused on logistics, office, multifamily, and credit strategies. Comparable as an institutional ESG-aware real estate investor with cross-border capital deployment and value-add capabilities similar in spirit to Bluevale's adaptive-reuse thesis.

Direct peers

• Starlight Investments: Toronto-based owner/operator of multi-family residential apartments across Canada and the US. Directly comparable given its dedicated multi-residential acquisition, repositioning, and management focus (and is a known prior employer of several Bluevale team members).
• Tribute Communities: Ontario-based developer of condominium, townhome, and rental communities. Comparable as a Canadian residential developer targeting GTA-adjacent and urban markets with project pipelines of similar per-project scale to Bluevale's conversion plays.
• Slate Asset Management: Toronto-based alternative asset manager focused on real estate and infrastructure investments across North America and Europe. Highly comparable to Bluevale as a Canadian real estate investor/developer with an emphasis on operational value creation and selective asset plays.
• Hazelview Investments: Toronto-based alternative investment manager focused on real estate, with deep multi-family residential and development exposure in Canada and the US. Directly comparable in targeting Canadian multi-residential assets for value-add and core-plus strategies.
• Marlin Spring: Toronto-based real estate investment and development firm active across residential, commercial, and purpose-built rental. Directly comparable as a Canadian mid-market developer/investor pursuing urban infill and multi-family projects in the GTA and beyond.
• Dream Unlimited: TSX-listed Canadian real estate developer with businesses in residential, commercial, and asset management. Comparable as a Canadian developer pursuing mixed-use, multi-family, and community-impact projects across major urban markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/BluevaleCapital
• Facebookfacebook.com/bluevalecapital1
• LinkedInlinkedin.com/company/bluevalecapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bluevale Capital Group