Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) announced it has completed the acquisition of two Montreal rental properties totalling five apartment buildings and 154 suites.
CAPREIT paid approximately $30.6 million for the complete portfolio, which is located in the west end of the city.
“We are pleased to be expanding our presence in Montreal, one of Canada’s strongest rental residential markets,” commented Mark Kenney, President and CEO. “These additions to our Greater Montreal portfolio are an excellent fit with our proven asset allocation strategy – acquiring accretive, high quality, mid-tier properties located outside a city’s downtown core offering the larger suites and amenities demanded by today’s renter.”
About the Montreal rental properties
Occupancy at both properties was 95.5 per cent at closing, and both had recently undergone significant exterior and common area renovations, with 51 per cent of the suites also having been upgraded.
The first property, a four-building, 90-suite multifamily complex at 4080-4140 Côte-Sainte-Catherine, includes nine studio and bachelor suites, 39 one-bedroom and 42 two-bedroom suites, all featuring nine-foot ceilings, hardwood floors and balconies. Residents have access to interior and exterior parking and on-site laundry facilities. The complex is located close to three hospitals, the Université de Montréal, elementary and secondary schools, grocery stores, restaurants and pharmacies, as well as metro stations.
The second property is a 64-suite building at 5460 Sunnybrooke in the heart of the family-oriented town of Côte-Saint-Luc. Close to schools, parks and recreation facilities, the building contains 45 one-bedroom and 19 two-bedroom suites. The property includes interior parking, on-site laundry and storage lockers with excellent access to downtown Montréal.