01
Ownership means operating
Value is created after an acquisition, not only at it. We run our businesses directly, so the people accountable for performance are the people doing the work.
About Elsam Capital
Alternative real estate, owned and operated.
Elsam Capital is a private investment firm focused on alternative real estate in North America. We hold three businesses across technology, hospitality and commercial development, and operate each one directly. Our principal also leads capital formation for Vaulter, an independently owned real estate investor in the U.S. Southwest.
Overview
We focus on specialized areas of real estate and stay closely involved in every investment.
Our portfolio spans underwriting technology for commercial real estate, hospitality in Toronto and Prince Edward County, and build-to-suit commercial development in Canada and the United States. We take a hands-on role in each business and hold our investments for the long term.
Portfolio
01 — Real Estate TechnologyU-RiteUnderwriting software and analysts for commercial real estate.
02 — HospitalityHospitalityLeisure and urban hospitality in Toronto and Prince Edward County.
03 — Build-to-Suit OfficeRassa GroupCommercial real estate, developed for long-term performance.
04 — Land · AffiliateVaulterFour decades of real estate investment across the American Southwest.Principles
The principles behind every investment.
02
Specialization over scale
We concentrate on segments of real estate where expertise is scarce and execution matters: hospitality, build-to-suit development and the technology behind underwriting.
03
Discipline in every decision
Every investment is underwritten on transparent assumptions and tested against operating data before capital is committed.
04
Patient capital
As a privately held firm, we are not bound by fund timelines. We hold assets for as long as they continue to create value.
Leadership
Stephen Paek
Founder and Principal
Stephen Paek is the founder and principal of Elsam Capital. He has more than 15 years of experience in real estate acquisitions, development and asset management across Canada and the United States.
Before founding Elsam, Stephen was at Hines, where he led large-scale mixed-use development projects in the United States and Canada. He previously held roles at PSP Investments and CIBC Capital Markets.
He founded U-Rite to improve the underwriting process he had relied on throughout his career, and is a principal of Rassa Group. He also leads capital formation for Vaulter.
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