InterRent Real Estate Investment Trust (REIT) has entered into an unconditional agreement to acquire three highrise buildings in Côte Saint-Luc in Montreal.

Totalling 327 suites, the three buildings are located at 7460 and 7461 Chemin Kingsley and 5550 Trent Ave., just off of Chemin de la Côte-St-Luc, and within close proximity to InterRent’s recently acquired property on Sir Walter Scott Avenue within Côte St-Luc. This acquisition will result in a total of 501 suites under ownership in Montreal.

“These buildings add significant scale to our operations within Montreal, which is a market we have targeted for growth and we have recently entered,” says InterRent’s CEO, Mike McGaham. “The buildings have been well-maintained, are in a strong rental community and we believe they will require minimal capital to achieve desired results.”

The buildings are located in a desirable residential neighbourhood within close proximity to many parks and convenient access to public transportation, schools and the Centre Commercial Côte St-Luc shopping centre. The buildings consist predominantly of one and two-bedroom suites and offers convenient access to downtown Montreal via the Montreal West train station and Highways 15, 20, 40 and 520.

While the buildings recently underwent significant capital upgrades, InterRent will continue the repositioning efforts and will focus on utility saving measures, which are anticipated to substantially reduce ongoing utility costs, and the upgrading and branding of common areas to achieve market rents.