Carlyle acquired the site at 763 Woodbine Avenue, located on a prime corner in the highly sought-after Upper Beaches neighbourhood, with zoning in-place. Initially launched as a condominium development, sales stalled during the 2008 recession and Carlyle pivoted to changing market conditions by redesigning the project as purpose-built rentals. After the project reached completion in 2016, the building was successfully leased above pro forma rents. Upon market stabilization, the building was sold above pro forma valuation.