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Q Management LP,” QMLP”, is a real estate asset and property management entity engaged in the Canadian multi family residential sector.

Q Management LP is a partnership between Conundrum Capital Corporation and Manulife Asset Management Private Markets formed in 2016.

The founding principals of Conundrum Capital Corporation have enjoyed a long tenure of working together in various real estate sectors dating back to 1990.

Today QMLP owns and manages 5234 suites in 45 properties with an AUM of 1.3 billion.

QMLP’s, longer term objective is to significantly increase the size and value of its Ontario based Multi Family portfolio and where appropriate access opportunities in other Canadian markets.

What we do

QMLP’s mandate is to acquire and provide asset and property management to enhance long term value to a growing portfolio of multi family residential assets in Canada. QMLP’s approach to value creation is to invest in Canada’s largest markets where positive demographic trends are evident and target properties are viewed as having been undermanaged and under capitalized. These acquisitions once stabilized and integrated into QMLP’s operating and capital control processes begin to deliver a sustainable higher return on investment.

Q Residential provides property management services to QMLP for its entire portfolio.

Click to visit Q Residential

Active Investments

Currently QMLP has three active entities, Q Residential Property Income Fund IV, V and VI.

Q Residential Property Income Fund IV.

Launched in October 2014 with its final closing occurring in December 2015 QRPIF IV is a closed end private equity vehicle designed to provide investors with access to a diversified portfolio of re-positioned and select intensification opportunities in the Canadian multi-family residential real estate market. The Fund has committed equity of $243 million and is fully deployed with 2666 suites in 21 buildings with fair market value at $659 million as of March 31, 2020.

Q Residential is providing property management services to the Fund and details of each property can be found on the Q Residential web site, www.qresidential.ca.

1240 Donald Street, Ottawa

1240 Donald Street, Ottawa

5900 Yonge, Toronto

5900 Yonge, Toronto

3 Goldfinch, Toronto

3 Goldfinch, Toronto

Kingside, Toronto

Kingside, Toronto

Q Residential Property Income Fund V

Launched in September 2018 with its final close occurring in September 2019, QRPIF V is the fifth closed end private equity vehicle designed to provide investors with access to the multi family sector in the southern Ontario market. The fund has committed equity of $350 million and has been fully deployed since January of 2020, having acquired 24 buildings with 2568 rental suites with current fair market value of $648 million as of March 31, 2020.

Q Residential is providing property management services to the Fund and details of each property can be found on the Q Residential web site, www.qresidential.ca

Q Residential Property Income Fund VI

Launched in 2020 with first close occurring in November 2020, QRPIF VI is a closed end private equity vehicle designed to provide investors with a diversified portfolio of re-positioned and select intensification opportunities in the Canadian multi-family residential real estate market. The fund at first close has committed equity of $286 million and is in deployment having acquired 491 suites in 2 buildings in Toronto with assets totalling $222 million

Q Residential is providing property management services to the Fund and details of each property can be found on the Q Residential web site, www.qresidential.ca

Management Team

Daniel Argiros

Chief Executive Officer


In 1997, he founded and became President and Chief Executive Officer of Acanthus Real Estate Corporation. In 2000 he co-founded Conundrum Capital Corporation, a private equity fund management firm with a focus on real estate based investments and businesses. He also founded Potentia Solar Inc. in 2009, which has grown to become Canada’s largest roof top solar producer and was successfully sold to Power Energy Corporation. He obtained his designation as a Chartered Accountant in 1986.

Richard Dainard

Chief Financial Officer


In 1997, Mr. Dainard joined Acanthus Real Estate Corporation as Chief Financial Officer. Mr. Dainard co-founded Conundrum Capital in 2000. His prior experience includes the positions of Controller and Senior Vice President of Finance at Journey’s End Corporation. Mr. Dainard, a Chartered Accountant, began his career with Thorne Riddell.

Gordon McMehen

Executive Vice President


Mr. McMehen co-founded Conundrum Capital in 2000. At the law firm of Gardiner Roberts, Mr. McMehen practiced corporate and commercial law from 1978 to 1998, specializing in the acquisition, structuring and financing of projects in the real estate industry. He was called to the Ontario Bar in 1978, and is a member of the Law Society of Upper Canada.

John Lago

President & Chief Operating Officer


Mr. Lago joined Q Residential as President in 2009, with over 20 years of management experience including 15 years within the Multi-Residential Sector. As President, he oversees the Operations team and the acquisition of assets for the portfolios.

David Cummings

Vice President, Finance


As Vice President, Finance, Mr. Cummings oversees corporate and finance as well as all accounting operations. Mr. Cummings previously worked at Conundrum from 2005 - 2012 and brings over 20 years of real estate accounting and finance experience.


Tracey Shaw

Vice President, Operations


Ms. Shaw was promoted to Vice President, Operations in 2012 after holding the position of Director, Operations since 2009. Ms. Shaw brings over 20 years of experience in property and asset management and oversees a portfolio of over 3,000 units in the GTA and surrounding areas. Prior to Q Residential, Ms. Shaw worked for Conundrum from 2005 – 2012.

Stephen Marshall

Vice President, Operations


Mr. Marshall joined Q Residential as Vice President Operations in 2017 with over 20 years of broad-based executive leadership experience. The past 8 years in Multi Residential Property and Asset Management. Prior to joining Q Residential Mr. Marshall successfully held executive roles in various industry sectors including Multi Residential Property Management, Promotional Products and Advertising Specialties & Retail.

Cam Murchison

Vice President, Property Standards


Mr. Murchison joined Q Residential as Manager, Property Standards in January 2012 and was promoted to Vice President, Property Standards in January 2016. Mr. Murchison has over 20 years experience in the multi residential/condo sector and is responsible for capital projects and energy management throughout the portfolio.

Wing Choy

Director, Corporate Finance


As Director, Corporate Finance, Mr. Choy is responsible for providing financial modeling for fund structure transactions and acquisitions as well as property financing activity and investment recommendations. Mr. Choy brings over 17 years experience in the real estate finance and asset management sector. Before joining Q Residential, Mr. Choy worked for Conundrum from 2006-2015.

Lorne Stephenson

Corporate Affairs


Mr. Stephenson joined Conundrum in 2004 with responsibility for Corporate Affairs, Government Relations and Marketing. Prior to Conundrum, he held similar roles in various industry sectors including broadcasting, precious metals, consumer products and alcoholic beverages.


Susan Chiu

Director of Finance, Operations


Ms. Chiu joined Q Residential in September 2009 and is responsible for overseeing the Q Residential accounting staff to ensure that procedures and internal controls are followed correctly. Ms. Chiu has over twenty years of experience in property management accounting. Prior to working for Q Residential, Ms. Chiu worked for Conundrum from 2007 – 2009.

Ravi Khedun

Controller, Financial Reporting


Mr. Khedun began working for Q Residential in February 2013, bringing over 20 years experience in property management financial reporting. Mr. Khedun oversees the financial reporting for the real estate fund portfolios.

Annalita Ficele

Office Manager


Ms. Ficele joined Conundrum in January 2001 and brings over 25 years of office administration experience. Ms. Ficele is responsible for overseeing the office administration of the Q group, including Human Resources and all office operations and procedures.

Alan Walker

Director, Taxation


Mr. Walker is a CPA, CA with 25 years of experience in Canadian taxation matters. Prior to joining Conundrum in 2008, Mr. Walker was an associate partner at a Big 4 accounting firm and provided Canadian tax planning and compliance services to a variety of domestic and international clients.

Nick Memme

Director, Safety and Security


Mr. Memme began working for Q Residential in early 2012 and is responsible for all security aspects of the Q Residential portfolio. Mr. Memme is a 34 year veteran at the executive level with the Toronto Police Services bringing a wealth and knowledge in the security field.