In January, Toronto-based Fiera Real Estate — the real estate subsidiary of Montreal-based Fiera Capital Corporation — announced that it was expanding its footprint in Calgary and acquiring three newly-developed rental buildings in the Quarry Park neighbourhood.
All three towers were constructed by Alberta-based developer Remington Development Corporation as part of its deVille development located immediately west of the Quarry Rock Remington YMCA. The development consists of three 13-storey rental towers with a grand total of 333 units. The three towers were completed in 2022 and 2023, according to Fiera.
Fiera did not disclose financial details, except that it made the acquisition through its Fiera Real Estate CORE Fund. However, the purchase price was $119,900,000, according to commercial real estate brokerage Avison Young.
All three properties belong to the same legal parcel, 83 Quarry Park Road SE, which has an assessed value of $111,770,000.
DeVille at Quarry Rock in Calgary. / Fiera Real Estate
"This strategic addition to the portfolio reflects Fiera's commitment to investing in high-quality, well-positioned assets across Canada," the firm said in its January press release. "The acquisition aligns with the CORE Fund's investment strategy, which targets well-located assets in key markets. Calgary's multi-residential market continues to demonstrate strong fundamentals, supported by favourable demographic trends and economic drivers. Quarry Park’s appeal as a live-work-play community further enhances the long-term potential of this investment."
In a separate announcement in January, Fiera Real Estate also said it had acquired a newly-developed six-storey rental building in the Marda Loop neighbourhood of Calgary. The rental building is known as Hudson, houses 123 units, and was developed by Calgary-based Sarina Homes. Financial details were not disclosed at the time and continue to remain unknown, but the property — located at 3360 16 Street SW — has an assessed value of $49,960,000.
Top 5 Commercial Real Estate Transactions In Calgary: Q1 2025
According to Avison Young, Fiera Real Estate's acquisition of DeVille in Quarry Park from Remington Development was the top transaction, by price, that occurred in Calgary in Q1 2025.
It was more than double that of the second-largest transaction, which was Synergy Skyline GP's acquisition of an industrial building located at 908 53 Ave NE from ONE Properties Skyline GP for $52,000,000.
Third on the list was Dynasty Power's acquisition of the Mahogany Village Commons retail complex located at 80 Mahogany Road SE from Hopewell Development for $49,300,000.
Next on the list was RioCan REIT's acquisition pertaining to the 29-storey 4th Street Lofts multi-family building located at 510 15 Avenue SW from Western Securities for $48,597,596. This transaction was previously disclosed in RioCan's Q1 2025 financial report, in which it said the transaction was for a 50% ownership interest.
Rounding out the top 5 was Castera Properties' acquisition of the Lyfe Residences located at 2410 33 Avenue SW from ICM GP for $42,250,000.
All in all, Avison Young says commercial real estate transaction volume in Calgary during the first quarter totalled $1.13 billion, which is approximately 39% lower compared to Q1 2024.
"Calgary's investment market is navigating a period of transition, balancing strong demand in certain sectors with challenges such as economic uncertainty and rising costs," said Avison Young. "Investors are adopting a cautious approach, focusing on sectors with sustained demand such as multifamily and essential retail, and considering the potential impacts of macroeconomic factors on investment returns."
