Article
CBRE Sells 558-Unit Apartment Complex in London, ON For $102.5M
April 13, 2026 3 Minute Read
Venkat Ramadoss and Kai Tai Li of CBRE’s National Investment Team have sold a nine-building, 558-unit apartment complex in London, ON, to Pier 4 Real Estate Investment Trust for $102.5 million.
CBRE represented the vendor, a London-based private family, in this off-market deal, which closed in February. The apartment complex, Royal Oak Terrace, is located on 22 acres at 1126-1154 Adelaide St. N., with buildings ranging from three to nine storeys.
“Because of the size of this transaction, the vendor, for whom we’ve sold properties in the past, wanted a brokerage with experience serving institutional groups,” Ramadoss says. “They needed a team that would be able to handle a deal of this scale.”
Pier 4, a Toronto-based REIT with 45 residential properties and ~2,000 units in New Brunswick, Nova Scotia and Ontario, including several others in London, noted that the deal represents its largest acquisition to date and marks a “major milestone” in its expansion into secondary Canadian markets.
The Royal Oak Terrace property has room for additional apartment buildings to be added in the longer term, and Ramadoss says the intensification opportunity is part of what attracted Pier 4 to the site. “There will be potential upside for the buyer at the right time.”
Direct Approach
Pier 4 reached out to the vendor directly with a bid for the property, which was at the top end of the value range that CBRE had provided in its initial pitch for the sale listing. “The vendor trusted our pricing range to be fair and Pier 4’s offer validated our assessment,” Ramadoss says.
“The client asked for our recommendation, and we advised that they move forward with the sale,” said Li. “Our client trusted our advice and they proceeded with the deal.”
There were challenges, including waiting for Canada Mortgage and Housing Corp. (CMHC) financing to come through for the buyer, which required several extensions on the acquisition timeline.
“From experience, and based on input from our debt team, we were able to reassure the vendor about the intricate and lengthy CMHC financing process,” Ramadoss says. “This resolved our client’s concerns about the deal taking an unexpected turn.”
Multifamily A Hot Commodity
Multifamily is a hot commodity, as evidenced by CBRE’s recent deal flow.
“In the last 18 months we have done ~$1.5 billion in multifamily transactions,” Ramadoss says. “It goes to show that there is a strong demand for this property type, and that we have the expertise to execute on these deals.”
He notes there is strong interest for institutional-scale multifamily buildings in markets outside of the Greater Toronto Area like London. “The Southwestern Ontario region markets are seeing a lot more action than they have in the past.”
Owners of similarly scaled multifamily properties in those markets would do well to take advantage of the sector’s momentum and consider putting their sites up on the block, Ramadoss points out.
“This is unique moment in time and while it can take some courage to take the leap, these windows don’t last forever,” he says. “We’ll be visiting different cities and meeting with different owners in the months ahead to update them on investment trends so they can make the best decisions for their business.”
Recent Insights
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Venkat Ramadoss and Kai Tai Li of CBRE’s National Investment Team have sold a nine-building, 558-unit apartment complex in London, ON, to Pier 4 Real Estate Investment Trust for $102.5 million.
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CBRE’s Todd Cooney has sold the Accelerator Building, a 93,000 sq. ft. office building and leading innovation hub at 295 Hagey Blvd. in Waterloo Region.
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