Global real estate investment manager Hazelview Investments announced leadership changes late last month, and the three men involved with the succession plan did a recent e-mail interview with RENX to discuss the transition.

Ugo Bizzarri has moved from chief executive officer to executive chair, while Corrado Russo and Michael Tsourounis have been appointed co-CEOs. They’ll also continue in their respective roles as chief investment officers of Hazelview’s public and private real estate investment platforms.

Both men have more than two decades of experience with the firm and have worked closely together in shaping Hazelview’s strategy, culture and growth.

The co-CEO structure reflects Hazelview’s integrated dual-platform model across its private and public real estate investment strategies and recognizes the complementary expertise of its leadership.

Hazelview’s evolution

Toronto-headquartered Hazelview was founded in 1999 with the acquisition of a 15-unit apartment building in the suburban community of Oakville, just west of the city. Today Hazelview has three other international offices and, at the end of 2025, had $10.9 billion of assets under management, including more than 20,000 residential units in Canada.

“From the beginning, we focused on fundamentals: buying well, operating well and thinking long term,” Bizzarri wrote. “We built the business step by step, deal by deal, renovation by renovation, development by development. 

“Today, we operate an integrated investment business across private and public real estate markets, investing across the capital stack – from equity to debt – and across a diverse range of asset classes, working with sophisticated investors globally.”

Hazelview launched a property management platform in the early 2000s that manages more than 34,000 multifamily suites. It expanded into private real estate debt in 2007 and introduced a global real estate investment trust platform three years later.

Hazelview built its in-house development capabilities around the same time. It is now one of Canada’s largest developers of purpose-built rental housing, with more than 20,000 homes in the pipeline.

The succession plan

Despite this growth, Bizzarri insists the most important thing Hazelview has built is its team.

“We’ve created a culture that attracts strong people and, just as importantly, keeps them,” he wrote. “Under my leadership, we’ve promoted two CEOs internally, supported by a deep and experienced team around them.”

Hazelview has had a deliberate, multi-year succession strategy and both Russo and Tsourounis have long histories with the organization.

“Corrado has built and led our public real estate investment platform through multiple market cycles, and Michael has built and scaled our private real estate business from the ground up,” Bizzarri wrote. 

“They’ve also been deeply involved in the decisions that have shaped Hazelview’s growth, as members of both the executive committee and the investment committee.

“They understand the business from the property level through to capital markets, and they care deeply about the culture and values that define the organization.”

Bizzarri will remain actively involved in the business, with a focus on strategic oversight, supporting the leadership team and helping guide the firm’s long-term direction. He’ll also continue to serve as chair of the investment committee.

While Russo and Tsourounis will take on a more visible role externally, Bizzarri expects to remain engaged with the industry. That includes participating in conferences and broader discussions around real estate investing. 

Moving forward

“This transition reflects continuity in leadership, strategy and operations,” Tsourounis wrote. “The same teams, processes and investment approach remain in place, and our focus is on continuing to deliver for our clients.

“In many ways, this formalizes a leadership structure that has already been operating in practice for some time.”

Hazelview’s private real estate platform will continue to execute across its investment, development and credit strategies, with a focus on multifamily and other asset classes where it has strong conviction, such as small- and mid-bay industrial. 

The company will continue to maintain a disciplined approach through public market cycles while expanding the range of investment strategies available to its clients.

“Our priorities remain consistent,” Russo wrote. “We are focused on disciplined execution across both platforms, supporting our teams, and continuing to identify opportunities where we have strong conviction.

“We’ve also built additional leadership depth across the organization, which allows us to maintain focus on day-to-day investment execution while taking a broader view of the business.”

“Looking ahead, we see significant opportunity to continue growing the platform, deepening our capabilities and delivering strong long-term value for our investors, partners and residents,” Bizzarri added.