Oxford Properties has placed another of its premium Canadian properties on the sale block as it continues recycling capital into new projects and investments. The Toronto-based commercial real estate owner and developer is marketing the La Cité Apartments, Montreal’s largest multifamily complex.

The property comprises three towers of between 31 and 33 storeys, which contain 1,351 apartments. Oxford has owned and managed the property since 2012, and has invested approximately $10.5 million into the towers since 2020. 

Avison Young and RBC Capital Markets Real Estate Group Inc., are marketing the property.

The towers are:

• 3600 Du Parc Ave., 31 storeys and 395 apartments;
• 350 Prince-Arthur St. W., 31 storeys and 396 apartments; and
• 3550 Jeanne-Mance St., 33 storeys and 438 suites.

The complex is located near the entrance to the McGill University campus - approximately 60 per cent of its tenants are students. It was constructed in the mid 1970s.

“La Cité is a defining part of Montréal’s skyline, widely recognized as a desirable, sought-after rental property across multiple demographics – from students to established professionals,” Mark Sinnett, executive vice-president, head of capital markets Quebec for Avison Young, said in a statement provided to RENX. “It offers an unmatched opportunity for an investor to secure generational ownership of an asset that is a cornerstone of the city’s rental ecosystem.

"Properties like this simply don’t exist and are rarely brought to market.”

The La Cité Apartments complex

The property is the second significant asset brought to market by Oxford during the past two weeks. Oxford has also placed the 20-storey downtown Toronto Citigroup Place office complex on the market.

La Cité Apartments comprise a total of 805,000 square feet across the three towers and are 92 per cent occupied.

“La Cité is Montréal’s largest and most recognizable multifamily asset, defined by a scale, presence, and urban permanence that is unmatched in the market,” a marketing brochure from Avison Young states. “The property offers a critical mass of institutionally owned and managed residential apartments, an irreplaceable location in downtown Montréal that consistently drives strong occupancy and stable income, historically high turnover and occupancy that has maintained rents at market, as well as proven value-add potential that can generate rental income growth immediately.”

Renovations and improvements to the properties in recent years include building envelope and façade improvements, window and patio-door replacements, mechanical and electrical systems upgrades. There is an ongoing in-suite renovation program in place including new finishes, fixtures and appliances. 

Additional allocations have supported elevator modernization, fire-alarm system upgrades and maintenance repairs.

Property amenities and features within the local market include a direct connection to Les Galleries du Parc, an underground shopping complex that includes a Metro grocery store, SAQ outlet (Quebec’s liquor and alcohol retailer), a Uniprix pharmacy, a Dollarama, restaurants, cafes, a cinema, medical clinic, and a 25,000-square-foot gym with an outside pool and tennis court.

The buildings offer outdoor rooftop terraces and laundry facilities among other features.

Oxford recycling capital into new initiatives

Although Oxford has not commented publicly on the marketing of La Cité Apartments, the firm has been moving to recycle capital into new acquisitions and Canadian development opportunities. Oxford has owned the Montreal complex since 2012.

Among the initiatives it is developing are a $750-million multifamily-based project in Scarborough in the east end of Toronto, the recent opening of Dialogue in Mississauga, and the completion of Canada’s largest co-op housing renewal project in South Vancouver, which included the delivery of 524 new apartments into the market.

Oxford’s investments across Canada in 2025 totalled over $2 billion, including a $200-million investment at Canada Square, the headquarters of Canadian Tire in Toronto. It also acquired the 50 per cent stake it did not already own in a seven-building portfolio of Western Canada office assets for approximately $730 million.