Cadillac Fairview Buys Toronto Rental Tower For $162M

Cadillac Fairview Buys Toronto Rental Tower For $162M
News| October 15, 2026| Joel Bowey
Canada + Apartment Buildings

Cadillac Fairview has acquired a recently completed Toronto rental tower for $162M, adding a prime downtown property to its growing multifamily portfolio as it expands beyond its traditional office and retail holdings.

The 34-storey Ivy at 6-8 Gloucester St. was developed by Tricon Residential and Angel Developments. Tricon was acquired by global investment giant Blackstone in a US$3.5B deal in May 2024.

Ontario land registry records reviewed by Connect show the property sold Sept. 24, with Cadillac Fairview acquiring the tower through a subsidiary.

The Ivy opened to residents in late 2023 and features 232 rental apartments, along with 1,658 SF of ground-floor retail space. The building offers studio, one-bedroom, two-bedroom and three-bedroom suites, with amenities including coworking spaces, a fitness centre and outdoor terraces.

The $162M purchase works out to approximately $698,000 per apartment, well above the Greater Toronto Area’s average of $289,047 per suite during the first quarter of 2026, according to Colliers. The GTA figure includes older properties across the region, making it a broad comparison for a newly built downtown tower.

Cadillac Fairview, owned by Ontario Teachers’ Pension Plan, has been expanding into rental housing since launching its residential program in 2022. The company opened its first completed project, the 512-unit Carré Windsor in Montreal, earlier this year.

The Ivy purchase takes a different approach. Rather than building apartments on land surrounding an existing retail property, Cadillac Fairview is acquiring a completed rental tower with tenants already in place.

Steps from the Bloor-Yonge subway station and within walking distance of Yorkville, the property gives the company an established foothold in one of Toronto’s most active rental neighbourhoods.

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