InterRent Real Estate Investment Trust (REIT) has entered into an agreement to acquire a four-building apartment complex situated in Côte Saint-Luc in Montreal.

The complex consists of 174 suites and is located at the corner of Sir Walter Scott Avenue and Kildare Road, a quiet neighbourhood within close proximity to downtown Montreal, and with easy access to the Montreal West train station and the Vendome metro station. The property is one block from the Cavendish Mall, two blocks from Mount Sinai Hospital and close to four highways.

The acquisition is expected to be completed by the end of the month at a purchase price of almost $19 million. The property is being purchased with a going in capitalization rate of 5.75 per cent and is accretive to the REIT.

“We have been scouting properties within this market for over a year as we believe this is a very fragmented rental market with numerous opportunities to acquire properties where we can create value,” says Mike McGahan, CEO of InterRent, about the acquisition. “This is a well-maintained property that will be a great launch point as we develop a presence within the Montreal rental market. Our numerous bilingual staff look forward to this challenge and growing within this market.”