$51M Westmount Apartment Deal Ends 60 Years Of Family Ownership
Two Westmount apartment buildings have changed hands for $51M after 60 years under the same family ownership, adding to a Montreal investor’s growing rental portfolio.
Federal Real Estate, led by Domenic Pappadia, acquired 220 and 225 Olivier Ave., Avison Young announced Thursday. The six-storey concrete buildings were developed in 1966 and had never previously been sold.
The 125-suite portfolio spans 148,577 SF and is 94% occupied. It contains 57 one-bedroom and 68 two-bedroom apartments, with suites averaging more than 1,000 SF.
About 80% of the apartments have already been refreshed, leaving additional renovation opportunities for the new owner.
Pappadia said the company intends to preserve the properties’ quality while continuing to invest in their long-term potential.
The acquisition follows Federal Real Estate’s purchase of Montreal’s Macdonald Portfolio, another longstanding rental holding that Avison Young helped sell in 2025 after more than 50 years under one owner.
Avison Young’s Mark Sinnett and Sebastien Gatti represented the seller. Sinnett said the Westmount portfolio attracted strong investor interest, describing opportunities to acquire properties of this scale in the neighbourhood as “exceedingly rare.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout