Douville, Moffet et Associés (DMA) has spent $130 million to acquire the 410-unit Le Pivot multiresidential complex in Quebec City, expanding its already sizeable presence in the city.

The acquisition means DMA has reached a “pretty major” step – surpassing more than 2,500 rental units primarily in the provincial capital, says Samuel Roussin, director of investments at Quebec City-based DMA. It enables DMA to expand its rental offerings to the Vanier neighbourhood of Quebec City’s central Les Rivières borough, where the company did not previously have a presence.

The deal, one of the largest real estate transactions in the provincial capital this year, was concluded on Sept. 2. 

Desjardins, which has financed most of DMA’s projects, helped finance the Le Pivot purchase

The seller, Hectare immobilier, built Le Pivot in four phases between 2019 and 2023. Roussin says negotiations with Hectare began in February.

Le Pivot and the Vanier neighbourhood

Roussin says Le Pivot is a quality-built development with units of one to three bedrooms. There are no studios.

It is in a diverse area close to the Fleur de Lys shopping centre with a tenant mix ranging from professionals to students. Leasing is stabilized with 97 per cent of the units rented.

“It was developed by Quebec City people and acquired by Quebec City people. That provides a nice local continuity,” Roussin says.

Established in the early 1990s by Gilles Douville and Pierre Moffet, DMA specializes in real estate acquisition, development, construction, management and ownership.

DMA has about 1,500 multiresidential units planned for development in Quebec and Ottawa between 2026 and 2030, with a total investment of about $550 million, Roussin says.

In 2021, DMA acquired Oxford Properties’ 526-unit Quebec City residential portfolio. Its residential holdings include the 684-unit le Quartier QB, the 500-unit La Suite, the 285-unit Le Divin and the 234-unit Le WOW.

The company also has a division called DMA Hotels which “is a small part of our group” comprised primarily of Airbnb-like establishments in Old Quebec. 

Planned growth in Ottawa

Although most of its multiresidential units are in Quebec City, the company has made its first foray into Ottawa and plans a major expansion of its first project. 

Last year DMA delivered Luxo Place at 1240-1250 Cummings Ave. in East Ottawa with 426 rental units in the first phase. 

The 35-storey building has 426 units ranging from 244 one- to three-bedroom units in the tower (two-bedroom apartments start at $2,951) and 182 units in a seven-storey podium, of which about 85 per cent are furnished studios. Rents start at $1,826/month for a studio of 354 to 369 square feet.

About 55 per cent of units at Luxo Place are leased and “we’re aiming for stabilization in autumn 2026.”

Roussin says DMA plans to build Phase II of Luxo on adjacent land. It will consist of 526 units in two towers.

Given its sizeable percentage of public service workers, the Ottawa market provides stability although its growth is a bit weaker than that of Canada's largest cities, he says.

DMA's plans for Laurier Quebec shopping centre

Roussin says DMA is eyeing acquisitions in one major city, namely Montreal.

In 2022, DMA spent $309 million to buy a 50 per cent stake of the 64-year-old Laurier Quebec shopping mall from Ivanhoé Cambridge and announced plans to invest about $1 billion over 10 years to densify the site in the Sainte-Foy area of Quebec City. Plans call for about 1,500 rental units as well as a seniors’ residence, hotel, commercial and office space, Roussin says.

The first phase of development began 2024 with last year’s conversion into residential units of the Tour Frontenac, a former five-storey office tower above the mall that had not been in use for about 20 years. 

The office building was replaced by 88 semi-furnished studio units for a primarily student clientele, as Laval University is nearby.

Units include parking, wall TV units, six appliances, wifi, heating, air conditioning and hot water, a rooftop patio, gym and direct access to the mall below. Available units start at $1,301 per month for a 304-square-foot apartment. 

“The delivery of the building went super well,” says Roussin, noting 85 to 90 per cent of the units have been leased. “For us, it augurs well for the Laurier development.”