Montreal-based private real estate and property management firm Federal Real Estate has acquired a 125-suite apartment portfolio in the city's affluent Westmount neighbourhood for $51 million.

The suites are located across two, six-storey concrete buildings at 220 and 225 Olivier Ave. and had been owned and managed by entities associated with Montreal real estate figure Edward Laurence Cohen and his family since they were developed.

The sale was announced by global commercial real estate advisor Avison Young, which brokered the sale, on Thursday.

"The landmark acquisition marks the first ownership change since the buildings were developed in 1966 and further expands Federal Real Estate’s presence in Montreal’s multifamily market," Avison Young noted when announcing the transaction.

Avison Young said the portfolio represents one of the largest multifamily transactions in Westmount in recent years and represented "an exceedingly rare opportunity to acquire scale in one of Montreal's most sought-after and tightly held residential markets. "

Details of the properties

The Olivier Avenue properties are 94 per cent occupied, offering stable in-place cash flow as well as the opportunity for future value-add investment.

The portfolio includes 57 one-bedroom and 68 two-bedroom suites. Approximately 80 per cent of suites have been refreshed.

The apartments are distinguished by their sought-after location and large footprints with an average size of over 1,000 square feet. The two buildings comprise 148,577 square feet in total.

Avison Young's Quebec Capital Markets team, led by EVPs Mark Sinnett and Sebastien Gatti, represented the vendor in the transaction.

"Opportunities like this are exceedingly rare in Westmount," Sinnett said. "These properties offer scale, stability and an irreplaceable location in one of Montreal's most coveted neighbourhoods. We saw strong investor interest throughout the process, reflecting confidence in well-situated multifamily properties and in the long-term fundamentals of Montreal's rental housing market."

The Montreal multifamily market

According to recent market reports, Montreal multifamily remains a "coveted" investment overall and, with almost zero vacant land for new construction, Westmount is one of the most competitive investment areas.

Westmount holds one of the highest average rent levels on the island of Montreal, according to recent CMHC data, with average asking rents routinely surpassing $2,050 to $2,250 per month across unit types, commanding a 25-35 per cent premium over adjacent Montreal sectors.

Vacancy rates in Westmount are also lower than those seen across the city.

While the broader Montreal Census Metropolitan Area (CMA) vacancy rate sits around 2.9 per cent to 3.1 per cent, Westmount's purpose-built rental supply consistently calls below 1.5 per cent.

"The Olivier Avenue transaction underscores the continued resilience of Montreal's multifamily investment market, where limited development opportunities, high barriers to entry, and enduring rental demand support investor appetite for established apartment communities," Avison Young said. 

About Federal Real Estate

Federal Real Estate, led by investor Domenic Pappadia, was established in 1990 and in recent years has bought other older apartment portfolios in prestige neighbourhoods of Montreal.

In 2025, the company acquired three 16-storey towers with 440 units on Macdonald Avenue in Côte Saint Luc for $128 million from a private Montreal multifamily investor which held the portfolio for 50 years.

The Macdonald portfolio sale was one of the largest Montreal multfamily transactions that year and was also advised by Avison Young.

“We look at real estate with a long-term perspective,” Pappadia said in the announcement yesterday. “The Olivier Avenue properties offer a combination that is increasingly difficult to find: a premier Westmount location, substantial suites, established rental demand and a strong foundation for the future.

"We are proud to add these buildings to Federal Real Estate’s portfolio and intend to preserve their quality while continuing to invest in their long-term potential. This transaction reflects our continued commitment to investing in well-located multifamily assets with enduring appeal.”