BentallGreenOak

BentallGreenOak acquires Montreal rental complex

Monday, November 4, 2019

On behalf of Sun Life Assurance Company of Canada, BentallGreenOak announced it has acquired Appartements-Boutique, a purpose-built rental complex situated within walking distance from historic Old Montréal, Griffintown and Montréal’s central business district. Appartements-Boutique includes 243 residential units across two buildings, along with 10,714 square feet of ground level retail and 10,964 square feet of ground and second level office space.

The properties, located at 681-733 William Street, feature high-end suite finishes and a number of luxury amenities, including conference rooms, fitness areas, rooftop patios and pools. This acquisition further strengthens BentallGreenOak’s presence in Montréal’s urban real estate market, while underscoring the firm’s interest in high quality buildings connected to major public transportation corridors.

“Sun Life continues to grow its real estate footprint in Montréal, with strategic investments that align to our favourable, long-term investment outlook for the region and a positive contribution to our overall Canadian portfolio,” said Christina Iacoucci, Managing Director, Portfolio Manager for BentallGreenOak. “Drawing on the buildings’ exceptional amenities, wellness features, and connectivity to the city, our property management and tenant engagement teams are eager to create an exceptional living experience for present and future residents.”

“We view Montréal as a market in growth mode with strong economic characteristics that bode well for select multi-family asset in the core of the city,” said Michael Fraidakis, Co-Head of Canadian Investments, BentallGreenOak. “The newly constructed Appartements-Boutique is a high-quality asset in Montréal’s thriving downtown core with strong income-producing characteristics, and an attention to the finer details that we believe make this a fantastic addition to the Sun Life portfolio, and a rental living option of choice for residents in the city for the long term.”

Appartements-Boutique is easily accessible via transit, with its central location in close proximity to the Bonaventure (Square-Victoria-OACI) metro station, Gare Centrale and Via Rail Station. The future completion of the Central REM LRT station will offer residents another important transit hub within short walking distance.

In May, the firm acquired the Montréal landmark 1250 René-Lévesque, a 47-storey, a Class AAA office tower. BentallGreenOak is bolstering its investment position in the city amid an influx of immigration, increased business investment, infrastructure improvement and real estate development.

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