Article
CBRE Sells 826-Unit Rental Community In Ottawa
October 20, 2026 3 Minute Read
CBRE’s National Apartment Group recently brokered the sale of Parkwood Hills, an 826-suite rental community in Ottawa’s west end, one of the largest apartment portfolio sales in the city’s history.
The property was acquired by Montreal-based Woodland Capital, a new entrant to the Ottawa market, for ±$189 million. “This is a significant deal in Ottawa,” says David Montressor, who worked with Tom Schuster in Toronto and Nico Zentil in Ottawa to facilitate the purchase.
“It was also a tremendous collaborative effort between CBRE’s Toronto and Ottawa teams, who joined forces to get it over the finish line and achieved an excellent outcome for our client.”
Boots On The Ground
Parkwood Hills is only the latest in a series of deals brokered by the National Apartment Group in Ottawa in recent years.
To date they have sold more than 5,400 units and over $1.2 billion worth of multifamily properties in Ottawa, including 50 Laurier and the iconic Island Park Towers, one of Ottawa’s most prestigious rental complexes and the largest multifamily transaction in the city’s history.
In 2026 alone the National Apartment Group has sold more than 1,000 units in Ottawa, totaling $260 million. This includes The Riversides, a 258-unit multifamily community at 1551 Lycée Place, acquired by Lankin Apartment REIT for $72 million.
“The National Apartment Group has been selling apartment buildings for over three decades,” Montressor notes. “Our local teams have tremendous market intel and the national platform has developed a lot of the industry’s best practices when it comes to multifamily investment sales.”
“We collaborate on every mandate and bring a local and national perspective to every transaction,” adds Schuster. “It’s an important advantage that has worked well for our clients over the years.”
A Stable Market
Investor demand remains high for multifamily housing in Ottawa.
“There is about $525 million in deal volume per year here,” says Zentil. “There are many small deals at or below $10 million that are driven by private capital, but it’s the larger transactions, trophy assets, and portfolio sales like Parkwood Hills that move the market from a volume standpoint.”
Ottawa has historically been a stable market thanks to its strong government employment base and variety of educational institutions with large domestic enrollment, according to Zentil.
The city offers attractive yields as well as a compelling risk-reward profile in a Canadian context. “Notwithstanding a lack of new supply, rents and vacancy have held steady compared to Canada’s other major markets,” he says.
“Based on current discussions in the market, we expect more groups to gravitate towards Ottawa for investment.”
Recent Insights
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CBRE brokers the $189M sale of Parkwood Hills in Ottawa to Woodland Capital, reflecting strong investor demand for stable multifamily assets.
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Canada’s Q3 2026 commercial real estate shows robust momentum: national office vacancy dropped and industrial absorption hit a 5-year high.
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CBRE’s Mackenzie Sharpe helped financial services firm Wealthsimple secure 90,000 sq. ft. across three floors at 460 Front St. W., part of Allied Properties REIT and RioCan REIT’s The Well development.
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