BLF Real Estate Investment Trust has acquired a multi-unit residential complex in Laval, Que.

The three-storey rental complex located in the centre of the city at 3545 – 3577 Rivard St. is comprised of 306 units, spread between eight buildings. This is BLF REIT’s first acquisition in the Laval market.

The apartment complex was purchased for more than $20.2 million, with a capitalization rate of 6.2 per cent. BLF REIT assumed the existing mortgage (approximating $13 million) at an interest rate of 5.04 per cent, which matures on July 1, 2020. It financed the purchase with its term acquisition facility.

BLF REIT currently owns eight properties in the province, totalling 1,054 apartment units.