- What Fitzrovia bought two apartment buildings from Canvar Group
- Why The company now has over 700 rental units in the Montreal area
- What next Fitzrovia plans to implement a multimillion-dollar capital improvement program
Fitzrovia has bought two premium apartment buildings in downtown Montréal for $103m, Green Street News can reveal.
The purchase of the 160-unit Le Smith and the 157-unit C-Lofts significantly expands Fitzrovia’s footprint in the Montréal area to over 700 units. The price works out to approximately $325,000/unit. Canvar Group was the seller.
Fitzrovia plans to implement a multimillion-dollar capital improvement program at both buildings, including upgrading amenities to hotel quality and enhancing property management.
The properties are next to each other. The 24-storey Le Smith is at 2100 Rue De Bleury, while C-Lofts, rising 22 storeys, is at 375 Rue de la Concorde.
C-Lofts has an indoor pool, a theater and gym. Le Smith has a pool, sauna and fitness centre. The properties are close to the McGill University and Concordia University campuses and are less than a kilometre from the Place-des-Arts subway station.
“We are investing today to transform these buildings with carefully planned upgrades, including new world-class amenities and resident-focused programming, setting a new standard for rental living in the Montréal market,” chief executive Adrian Rocca said.
“With record low vacancy rates and rising housing demands driven by immigration, young people entering the rental market and people seeking to downsize, Montréal needs more quality rental supply and we believe our award-winning rental operating approach is resonating in the city.”
Separately, Toronto-based Fitzrovia said it plans to open a 12,000 sq ft Montréal corporate office in early 2025. The newly renovated space, at 2001 Robert Bourassa Boulevard, was designed by Fitzrovia’s in-house vice president of design, Bahar Joshan Poosh.
The office will support Fitzrovia’s growing team of Montréal-based employees to serve residents across its four rental communities, including the Stanbrooke at Stanley and Sherbrooke and the Maddox Dorchester at St. Mathieu and René-Lévesque.
Fitzrovia bills itself as Canada’s largest developer of purpose-built rentals, with over 8,800 units in development, under construction or completed.
