Distressed Condo Fund Seeks $1 Billion for Toronto’s Empty Units

After a multidecade building boom, Toronto has a condo problem: Developers are stuck with a record number of empty units. Ryan Roebuck sees a multibillion-dollar opportunity.

Roebuck, co-founder of High Art Capital, has launched a fund to buy distressed condos that he says is on track to exceed its target of C$1.3 billion ($951 million) in pledges. He expects High Art to close on its first unit purchases next month with a plan to convert them into rentals.