Globe Capital Buys 185-Unit Montreal Apartment Building For $47M
Globe Capital Management has acquired a 185-unit apartment building in Montreal’s Saint-Laurent borough for $47 million.
The seven-storey concrete building at 239 Boulevard Deguire includes 158 two-bedroom apartments, accounting for 85% of its suites. The deal works out to about $254,000 per unit.
Avison Young’s Quebec Capital Markets team brokered the transaction.
“Well-maintained concrete multi-res like this continues to draw strong demand from institutional and private capital alike,” Mark Sinnett, principal, executive vice-president and head of capital markets Quebec at Avison Young, wrote in announcing the sale.
More than $6 million has been invested in the property, according to Avison Young, including upgrades to building systems, common areas and suite interiors.
The brokerage said additional upside remains through further suite renovations and the spread between existing and renovated market rents.
The property is near the Montpellier REM station, Autoroutes 15 and 40, Marché Central and Rockland Centre.
Globe said the acquisition brings its Greater Montreal multifamily portfolio to just under 2,000 units.
Other News
JWest Breaks Ground On $400M-Plus Vancouver Mixed-Use Campus
JWest has broken ground on a $400M-plus Vancouver redevelopment that will use income from 630 rental homes to help support a major new non-profit community campus. The 3.3-acre Roadburg Campus, at 950 West 41st Ave., is being developed by JWest Foundation, the non-profit organization created to oversee the project and manage its future revenue. Plans...
Learn more
Essex Realty Group Lists Mixed-Use Property in Chicago’s Old Town
Essex Realty Group is marketing 1628-1630 North Wells Street for sale, a mixed-use property ideally situated in Chicago’s Old Town neighborhood. The offering features four residential apartments, ground-floor retail space, a two-unit coach house, and 12 outdoor parking spaces.Essex Realty Group Principal Jim Darrow, Principal Jordan Gottlieb and Director Brian Keegan exclusively represent the seller...
Learn more
New Luxury Multifamily Property Seattle House Launches Pre-Leasing
Seattle House, a new 1,131-home luxury rental community in Seattle’s Denny Triangle, is now actively pre-leasing ahead of its fall opening. Located in the heart of Denny Triangle at 2340 6th Avenue, Seattle House offers residences ranging from studios to two-bedrooms.“Seattle House was designed around how people live in the city today, moving between home,...
Learn more
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout