Rapid Housing Initiative

Greyspring Apartments acquires Montreal rental building

Tuesday, December 15, 2020

Greyspring Apartments announced it has acquired a 13-storey, 105-unit rental apartment located at 1951 Maisonneuve Boulevard East in Montreal, Québec. Greyspring Apartments will oversee the execution of a comprehensive value-add program, which will include common area and suite improvements, the creation of a rooftop amenity space, and building efficiency enhancements.

Conveniently located in Ville-Marie, just east of Montreal’s downtown core, the property features unobstructed views of the city and benefits from being across from the Papineau metro station. The area is highly walkable and a short distance from the St. Lawrence River, Parc des Faubourgs, Parc des Royaux and La Fontaine Park. Currently, there are a number of transformative mixed-use developments planned nearby.

The property has a mix of studios, one-bedroom and two-bedroom units with two ground floor commercial units and four levels of underground parking. The asset will bring the expanding Greyspring Apartments portfolio up to over 1,600 units across Quebec and Ontario.

“We are very pleased to have closed on this acquisition in Montreal, a core market for Greyspring that strengthens our presence in the city,” said Karl Brady, President, Greyspring Apartments. “This property presents another great opportunity for us to execute our value-add program, improve the overall quality of the asset, and create additional economies of scale across our portfolio in Montreal.”

Greyspring is a rapidly growing asset management firm that acquires, strategically repositions and manages multifamily assets in growing and stable markets within Canada. With an expanding portfolio of more than 2,000 units and over CAD$395 million in assets under management, Greyspring is focused on effectively implementing value-add programs that improve the quality of its rental communities and provide an enhanced living experience for its tenants.

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