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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.
- ◦Sale/Acquisition