Timbercreek Asset Management
A Canadian real estate investment and asset-management company focused on multi-residential properties and related real-estate investment strategies.
Last updated August 26, 2026
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Overview
Timbercreek Asset Management is a Canadian real estate investment and asset-management company headquartered in Toronto, Ontario. Founded in 1999 by Blair Tamblyn and Ugo Bizzarri, the firm built its business around acquiring, renovating, operating, and managing multi-residential properties in Canada, both for its own investment vehicles and for institutional investors. Bizzarri previously worked in the real-estate group of the Ontario Teachers’ Pension Plan, giving the founding team experience in institutional property investment. The company’s principal real-estate approach has involved purchasing older or under-improved apartment buildings, carrying out renovations and operational improvements, and seeking to increase the income and value of those properties. Its property-management activities have been associated with Timbercreek Communities. This value-add model has also made the company a subject of public debate, because rent increases, redevelopment plans, and tenant displacement can accompany the repositioning of older rental housing. Timbercreek began raising institutional capital for multi-residential investment in 2007. Its first multi-residential fund reportedly achieved a 20% internal rate of return, and the firm subsequently established additional funds. Its third fund raised $100 million and its fourth raised $200 million, according to the company’s Wikipedia history. These vehicles helped expand Timbercreek’s role from a property owner and operator into a broader alternative real-estate investment platform. The company also developed a relationship with Timbercreek REIT, an affiliated publicly traded real-estate vehicle that held apartment units. In 2011, Timbercreek REIT, with 5,112 apartment units, was sold for $182 million to private-equity investors led by Greystone Managed Investments. Timbercreek continued managing the units after the sale. In 2012, it acquired 26 properties from TransGlobe REIT in connection with that company’s acquisition by Starlight Investments. In 2017, Timbercreek purchased six Calgary apartment buildings for $142 million. By 2017, the company was reported to own approximately 21,000 residential units across Canada. A 2016 account described Timbercreek and its affiliates as having approximately $7.5 billion in assets under management and owning 200 multi-residential properties valued at about $3.5 billion at that time. These figures are historical rather than current estimates. In 2020, Timbercreek separated its debt and equity businesses. The equities operation was rebranded as Hazelview Investments, with Ugo Bizzarri becoming its president and chief executive officer. Blair Tamblyn continued as president and chief executive officer of Timbercreek. The property-management service associated with the former Timbercreek platform was also placed under the Hazelview Properties Services name. The separation was presented as a division of the businesses, with the Timbercreek brand continuing to represent the debt-oriented and related real-estate activities described in the reference material. Timbercreek’s affiliated Timbercreek Financial is a Toronto Stock Exchange-listed mortgage investment corporation that invests in commercial mortgages, primarily involving multi-residential properties. Although it is related to the Timbercreek platform, it is a distinct publicly traded affiliate rather than the same legal entity as Timbercreek Asset Management.
History
Timbercreek Asset Management was established in Canada in 1999 by Blair Tamblyn and Ugo Bizzarri. Bizzarri had previously worked in the real-estate group of the Ontario Teachers’ Pension Plan. The founders developed the company as a real-estate investment manager with an emphasis on multi-residential assets and institutional investment capital. A major expansion of the platform began in 2007, when Timbercreek launched its first multi-residential investment fund and raised capital from institutional investors. The fund was reported to have generated a 20% internal rate of return. Timbercreek subsequently created three more funds. Its third fund raised $100 million, while its fourth raised $200 million. The fund program supported a strategy centered on acquiring older or underperforming apartment properties, renovating them, and managing them to improve their financial performance. Timbercreek’s activities extended across ownership, investment management, and property operations. Its properties were managed through a property-management arm associated with Timbercreek Communities. In 2011, Timbercreek REIT, an affiliated entity holding 5,112 apartment units, was sold for $182 million to a private-equity group led by Greystone Managed Investments. Timbercreek retained management responsibilities for the units after the transaction. In 2012, it acquired 26 properties from TransGlobe REIT in connection with TransGlobe’s acquisition by Starlight Investments. The platform continued expanding its residential holdings. In 2017, Timbercreek purchased six apartment buildings in Calgary for $142 million. The company was reported to own about 21,000 units across Canada in 2017. A 2016 description stated that Timbercreek and its affiliates had approximately $7.5 billion in assets under management and owned 200 multi-residential properties worth about $3.5 billion. Those figures apply to the historical periods specified and should not be treated as current company statistics. The company’s ownership and redevelopment model also generated tenant-related controversy. In 2016, residents of 80 units in Ottawa’s Heron Gate neighbourhood were evicted as part of redevelopment activity. In May 2018, Timbercreek announced plans to evict residents from a further 150 townhomes, attributing the move to structural problems. Tenants and housing advocates criticized the decision, and the UN special rapporteur on the right to adequate housing was reported to have expressed concern. Earlier, in 2014, protests had taken place over living conditions at a Timbercreek building in North York. These disputes became part of the public discussion around the effects of private investment and redevelopment in older rental housing. In 2020, Timbercreek divided its debt and equities operations. The equity business was renamed Hazelview Investments, and Ugo Bizzarri became Hazelview’s president and chief executive officer. Blair Tamblyn continued to lead Timbercreek as president and chief executive officer. Property-management services associated with the former platform were placed under Hazelview Properties Services Inc. The reorganization separated the Timbercreek and Hazelview businesses in branding and operations. Timbercreek also has an affiliated mortgage-investment platform, Timbercreek Financial. Listed on the Toronto Stock Exchange, Timbercreek Financial invests in commercial mortgages, with a primary focus on multi-residential properties. It is a related public affiliate rather than a synonym for Timbercreek Asset Management.
- 2020
Equities business rebranded as Hazelview Investments
[1]Timbercreek separated its debt and equity businesses, with the equity operation adopting the Hazelview Investments name.
- 2017
Calgary apartment acquisition
[1]The company purchased six Calgary apartment buildings for $142 million.
- 2012
Acquisition of 26 properties from TransGlobe REIT
[1]Timbercreek acquired 26 properties in connection with TransGlobe REIT’s acquisition by Starlight Investments.
- 2011
Timbercreek REIT sold
[1]The affiliated REIT, holding 5,112 apartment units, was sold for $182 million to private-equity investors led by Greystone Managed Investments.
- 2007
First multi-residential investment fund launched
[1]Timbercreek began raising institutional capital through its first multi-residential investment fund.
- 1999
Timbercreek Asset Management founded
[1]Blair Tamblyn and Ugo Bizzarri founded the Canadian real-estate investment company.
Products and positioning
A Canadian alternative real-estate investment manager specializing in multi-residential housing, value-add property strategies, institutional capital, and commercial mortgage investment.
Real-estate investment funds · 2007
Multi-residential investment funds
Timbercreek established a series of funds focused on multi-residential properties, beginning with an institutional fund launched in 2007. The funds supported the acquisition, renovation, and operation of apartment properties, with reported examples including a third fund that raised $100 million and a fourth that raised $200 million.
Real estate
Multi-residential property investment and management
The company’s core strategy involves acquiring older or under-improved apartment buildings, renovating them, and managing the properties for investment returns. Operations have been connected with Timbercreek Communities and have included both directly owned properties and assets managed for institutional investors.
Mortgage investment
Commercial mortgage investment
Timbercreek’s debt-oriented platform includes commercial mortgage investment activity, primarily secured by multi-residential properties. Related public-market activity is conducted through Timbercreek Financial, a separate Toronto Stock Exchange-listed affiliate.
Controversies
2018
Further Heron Gate townhome evictions
The company announced plans to evict residents from 150 additional townhomes, citing structural problems. Tenants, advocates, and the UN special rapporteur on the right to adequate housing criticized or raised concerns about the decision.
2016
Heron Gate evictions
Timbercreek evicted tenants from 80 units in Ottawa’s Heron Gate neighbourhood in connection with redevelopment of the property.
2014
North York living-conditions protests
Residents and other participants protested living conditions at one of Timbercreek’s North York buildings. The episode formed part of broader tenant criticism reported in connection with the company’s landlord activities.
Brand decisions
2020
Separation of debt and equities businessesStrategyBackground
Timbercreek reorganized its investment platform into separate debt and equity businesses.
Action taken
The equities operation was rebranded as Hazelview Investments, while the debt business remained associated with Timbercreek. Ugo Bizzarri became Hazelview’s president and chief executive officer, and Blair Tamblyn continued leading Timbercreek.
Aftermath
The Timbercreek and Hazelview businesses were presented as separate operations, with related property-management services placed under the Hazelview Properties Services name.
2017
Purchase of six Calgary apartment buildingsM&ABackground
Timbercreek continued expanding its multi-residential portfolio in Canada.
Action taken
The company purchased six apartment buildings in Calgary.
Aftermath
The acquisition increased Timbercreek’s presence in Calgary’s apartment market.
Purchase price. $142 million acquisition (2017)
2012
Acquisition of 26 TransGlobe REIT propertiesM&ABackground
The acquisition occurred as part of TransGlobe REIT’s acquisition by Starlight Investments.
Action taken
Timbercreek acquired 26 properties from TransGlobe REIT.
Aftermath
The transaction expanded Timbercreek’s Canadian real-estate holdings.
2011
Sale of Timbercreek REITM&ABackground
The affiliated REIT held 5,112 apartment units and formed part of Timbercreek’s residential real-estate platform.
Action taken
Timbercreek REIT was sold for $182 million to private-equity investors led by Greystone Managed Investments, while Timbercreek continued managing the units.
Aftermath
The transaction transferred ownership of the apartment portfolio while preserving Timbercreek’s management role.
Transaction value. $182 million sale (2011)
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