Canadian Urban Limited has acquired has acquired Laurence, a 230-unit mixed-use purpose-built rental-apartment building in Old Montreal on behalf of an unidentified European family office.
Canadian Urban did not formally but announce the acquisition. But Sean Demsky, the company’s senior vice-president of investments, confirmed it on LinkedIn after providing comments to a media outlet. According to the published report, Canadian Urban bought the 180,887-square-foot complex for approximately $135 million, according to a published report.
“Laurence reflects the type of asset that Canadian Urban continues to pursue: Institutional-quality urban real estate with durable income, strong fundamentals, and long-term value-creation potential,” Canadian Urban said on LinkedIn.
Located at 240 Notre-Dame St. W., the project was completed in 2024 and sits on nearly an acre of land, occupying almost an entire city block.
The building is 98% leased and includes studio as well as one-, two- and three-bedroom rental units, according to a published report. Amenities include a rooftop pool and lounge, an interior courtyard and a fitness centre.
In addition to the residential component, Laurence includes approximately 21,000 square feet of currently unleased ground-floor retail space, which ownership sees as an opportunity to attract a long-term anchor tenant and create a regional retail destination in Old Montreal, the report says.
Pictured: Apartment property in Old Montreal acquired by Canadian Urban.
Photo: Mondev
Canada’s commercial real estate market is evolving fast—be in the room where it all comes together. On June 25 in Toronto, Connect CRE Canada brings together the leaders actively shaping the market. Join an influential audience of 200 investors, developers, brokers, lenders, and owners for high-level networking and timely discussions on the trends impacting today’s market. Hear from leaders at TD Asset Management, Starlight, Woodbourne Capital Management, REMAX, Fengate Asset Management, Stonebridge Financial, Yardi, and more. Register today to stay ahead of the market and build valuable industry connections.
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
Learn more
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
Learn more
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
Learn moreRe/Max Real Estate Professionals
Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
California
California