Capital Square has acquired a 200,000-square-foot multi-family development site in Montreal’s Anjou borough from First Capital REIT for approximately $33 million.

Capital Square said the future transit-oriented development site is intended for a phased, large-scale multi-residential project.

The company did not disclose the purchase price. But First Capital stated in its second-quarter report that it sold the property to Capital Square for that price after the quarter ended.

“This strategic acquisition reflects our long-term commitment to projects that combine innovation, social responsibility and respect for local communities,” said Martin Lacharité, partner and vice- president of acquisitions and business development at Capital Square. “We look forward to working closely with municipal authorities and residents to create a vibrant, accessible, and well-connected neighbourhood.”

Capital Square completed the transaction in partnership with Randev Holdings. The development site is located across from the future Anjou metro station. The site is intended for a large-scale, phased residential development aligned with the borough’s sustainable urban planning goals.

The future project will follow principles of the 15-minute city and transit-oriented development, integrating residential space with mobility infrastructure and promoting walkability. It is designed to support ecological transition, active lifestyles, and neighbourhood inclusivity.

Montreal-based Capital Square is a real estate development and management firm focused on sustainable, human-scale residential communities. Randev is a private real estate investment company led by Randall Ettinger, with interests in strategic acquisitions and value-driven developments across North America.

Pictured: Multi-family development site in Montreal that was acquired by Square.

Image: CNW Group/Square One