US Apartment Fund
Equiton US
Residential Income
Fund Trust/LP
(US Apartment Fund)
The US Apartment Fund
Designed to provide Canadian investors with monthly income and long-term capital appreciation through US multifamily real estate. The Fund acquires apartment buildings in high-potential markets, actively manages operations, and handles residents, leasing, and cross-border complexity on your behalf.
The Fund is designed for:
8–12%*
Targeted Annual
Net Return
Long-Term
Capital Appreciation
ROC
Tax efficient
RRSP, TFSA
Registered
Account Eligible
Monthly
Income Distributions
*Targets/illustrative scenarios are not guarantees; actual results may differ. See Offering Memorandum for more details and risks. Read our full disclaimers here.
Why US multifamily. Why now.
Canadians invest on average just 10% of their portfolios outside Canada, while 56% of Canada’s wealthiest families hold US assets and plan to maintain or increase those allocations.1 That gap is where the US Apartment Fund operates.
The US multifamily market today is shaped by three conditions working in the investor’s favour:
Acquisition pricing has reset.
US multifamily is priced approximately 15% lower per unit than Canadian equivalents.2 The same capital buys more income-producing real estate today.
Rental demand is structural.
A shortage of at least 10 million US single-family homes is keeping more households renting, and for longer.3
Supply is tightening.
New US residential construction has fallen to a post-pandemic low,4 narrowing the balance between demand and available supply.
For investors with a long-term perspective, the current US multifamily landscape presents a compelling opportunity, one that the Fund is strategically positioned to take advantage of.
Where the opportunity lives.
Our initial focus is the Sun Belt — a region with distinct but reinforcing multifamily fundamentals.
The Sun Belt
Population growth has remained consistent across the region, supported by domestic migration and job creation. Recent elevated supply has created short-term softening — widening the entry point for investors acquiring well-located multifamily at today’s prices.5
The Demand
Apartment demand has held steady, backed by stable employment and disciplined new construction.6 Several of the most closely watched US multifamily markets heading into 2026 are concentrated here.
Our approach to US multifamily.
The Fund applies the same playbook Equiton has used to build the flagship Apartment Fund over the last decade — acquire quality multifamily properties, manage them actively, and create value over time — now applied to US multifamily.
Focused On Multifamily
The Fund invests exclusively in apartment buildings — an asset class supported by the fundamental need for housing.
Active asset management
Our team manages operations directly: optimizing revenue, managing expenses, and executing property-level improvements.
High-growth market focus.
Properties are selected in high-potential US markets with strong demographic and employment fundamentals.
Long-term ownership.
The Fund holds properties over a long-term horizon, with capital selectively recycled into new acquisitions over time.
Canadian investors gain US exposure through a Canadian-regulated structure — no direct ownership, no cross-border paperwork, no day-to-day property management.
Who Can Invest?
‡ In each of the two most recent calendar years and who reasonably expects that income level in the current calendar year.
*Varies by province, subject to suitability limitations.
**When receiving suitability advice from a portfolio manager, investment dealer or exempt market dealer.
Questions your clients may have.
Common questions about how the US Apartment Fund works. For anything specific, reach out to our advisor support team directly.
The US Apartment Fund is a geographic extension of the same strategy. The Canadian Apartment Fund (Equiton Residential Income Fund Trust) remains focused on multifamily properties in Canada. The US Apartment Fund applies the same disciplined approach to the US market, offering investors geographic diversification.
Investors can invest in CAD or USD. The CAD unit price will fluctuate as it is equal to the price of the corresponding USD Unit converted into Canadian dollars at the Currency Exchange Rate on the applicable subscription date or any subsequent valuation date.
Yes. The Trust structure is eligible for RRSP and TFSA. The LP structure is available to Accredited and Eligible Investors.
The Fund uses an asset-aligned liquidity framework with quarterly redemptions (managed up to 2.5% of NAV per quarter and 10% annually, with 90 days’ notice). The redemption framework is designed to balance investor liquidity needs with the Fund’s long-term investment strategy. For full details, refer to the Offering Memorandum.
1 Canadian Family Offices – The Multi-Family Office Landscape in Canada 2025
2 CoStar Realty Information Inc. – Multi-family 25+ units – Canada and USA – Accessed April 14, 2026
3 White House Council of Economic Advisers – 2026 Economic Report of the President, April 2026
4 U.S. Census Bureau – New Residential Construction Report, January 2026
5 CoStar Realty Information Inc. – Multi-family 25+ units – Canada and USA – Accessed April 14, 2026
6 HousingWire — Midwest apartment demand outpaces Sun Belt as rents remain firm, February 2026
Equiton Investment Specialists
Contact our team today to learn more about how our investment solutions can help you invest like the wealthy and add diversity to your portfolio. For general inquiries: inquiries@equiton.com
Associate Vice-President, Private Capital Markets
Directors, Private Capital Markets
Senior Relationship Managers, Private Capital Markets
Relationship Manager, Private Capital Markets
Questions?
Contact us anytime to learn more about private real estate investing.