Longueuil Apartment Complex Sells For $22.4M
An established rental complex on Montreal’s South Shore has changed hands for $22.4M, as investors continue to pursue opportunities to unlock value in older apartment properties rather than build from scratch.
Place Roberval, a 144-unit, three-building complex in Longueuil, was acquired by Les Immeubles Jardin Radisson in a transaction that closed Oct. 5.
The sale works out to approximately $155,600 per apartment, providing a fresh pricing benchmark for larger multifamily properties in the Montreal region.
The complex comprises three buildings at 51 and 71 Roberval Blvd. W. and 3131 Racicot St., in an established residential neighbourhood of Longueuil.
Avison Young’s Quebec Capital Markets team represented the seller, highlighting the property’s potential for further renovations and repositioning.
“With significant value creation potential through continued home renovations and asset repositioning, Place Roberval offered a rare opportunity to acquire a large-scale asset on the South Shore,” said Guillaume Monast, associate vice-president at Avison Young, in announcing the transaction.
The deal comes as Montreal’s rental market adjusts to an expanding supply of purpose-built apartments, with investors weighing the income potential of existing rental properties against the costs of new development.
Quebec land registry documents show HZT Acquisitions originally signed the purchase agreement on June 30 before assigning it to Les Immeubles Jardin Radisson at closing.
Join Us | Connect Alternative Real Estate Investments comes to Vancouver on Oct. 15, bringing together investors, owners, developers and lenders to examine where alternative real estate is working, how deals are getting financed and what comes next for B.C. CRE. The program covers seniors housing, student housing, self-storage and other specialized assets, along with the policy, capital and development issues shaping the market. Register here.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout