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Fitzrovia has announced the acquisition of the Le Smith and C-Lofts apartment towers, two modern neighbouring properties in downtown Montréal’s trendy Quartier des Spectacles district, for $103.3 million.
Le Smith is a 24-storey building located at 2100 Rue de Bleury, containing 160 apartments, and C-Lofts is a 22-storey building at 375 Rue de la Concorde, with 157 apartments.
"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," Adrian Rocca, CEO and founder of Fitzrovia, said in the announcement.
"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."
The deal was brokered by Colliers' Joe Rullier in Montreal. The vendor was a "family office" according to Colliers in an email exchange with RENX. The vendor's identity was not released.
In total, the two buildings comprise 282,065 square feet, and they were completed in 2015 and 2019, according to Colliers' data.
Fitzrovia growing in Montréal
The acquisitions almost double Fitzrovia’s apartment holdings in Montréal, bringing its total to over 700 units.
Fitzrovia is planning a multi-million-dollar capital improvement program at both buildings to bring “the signature Fitzrovia rental experience to residents including upgraded amenities, hotel-quality hospitality, and enhanced property management”, the announcement states.
As the company continues to grow in Montréal, it is also planning to open its new downtown Montréal corporate office, a 12,000-square-foot renovated space at 2001 Robert Bourassa Blvd., in early 2025.
Designed by Fitzrovia's in-house vice-president of design, Bahar Joshan Poosh, the expanded office will support Fitzrovia's growing team of Montréal-based employees.
Fitzrovia now owns four rental communities in Montréal, including Stanbrooke at Stanley and Sherbrooke, and Maddox Dorchester at St. Mathieu and René-Lévesque.
About Fitzrovia
Fitzrovia bills itself as Canada's largest developer of purpose-built rentals with over 8,800 units completed, acquired or under development in Toronto and Montréal.
It provides rental options across the affordability spectrum, including the company’s flagship Fitzrovia Collection communities, Maddox modern vintage communities and Waverley student accommodations.
Fitzrovia has a vertically integrated operating model, owning and managing the full process from land acquisition through to design, construction, leasing, and property and asset management.
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