Rooftop patio? Check. Fitness centre? Check. Pet-friendly spaces? Check. But the headliner amenity at Garneau Towers may be the massive covered parkade — a rarity in Edmonton’s urban core — that helped draw attention to the high-rise, which ultimately traded for $70.7 million last year.
The sale price stood out in a market where apartment sales have surged in recent years as older buildings regain favour among investors, according to a CoStar analysis.
The 309-suite complex, completed in 1965 and located near the University of Alberta, traded hands in August as Montreal-based investor Ferrovia Capital scooped it up from Toronto’s Canadian Apartment Properties REIT. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale.
Garneau Towers offers a variety of living options, including studios and one- and two-bedroom suites, appealing to students and professionals alike.
For its part, CAPREIT, Canada’s largest apartment owner, is upgrading its portfolio to include newer, premium real estate.
A panel of real estate professionals voted the Garneau Towers transaction a 2026 CoStar Impact Award winner for sale of the year in Edmonton.
About the project: The IPA team employed a targeted marketing strategy, leveraging local knowledge, investor networks and financial analysis to secure a sale price of $228,064.52 per unit. The purchase continues Ferrovia's investment streak in Edmonton. Last year, the Montreal-based investment firm led by President Federico Berloni acquired three apartment properties from Anderson Builders Group, including residential properties in Calgary. That $126 million deal ranked as one of the biggest of 2024.
What the judges said: “New benchmark for pricing. Unique product offering," said Samuel Dean, senior vice president, JLL.
“Garneau Towers is known by everyone who went to the [University of Alberta]. It’s an older building that has enjoyed success due to its location and amenities such as the fitness centre and rooftop patio,” said Chad Boddez, senior vice president, JLL.
“Despite its age, the ... property required a far more complex buyer underwriting and positioning strategy, making the successful sale a standout execution rather than an easy transaction,” said Scott Hughes, owner, Hughes Commercial Realty.
They made it happen: Bradley Gingerich and Bradyn Arth, Institutional Property Advisors marketed the property on behalf of CapREIT.