InterRent REIT and Crestpoint Real Estate Investments have acquired a new 20-storey multi-family rental development in downtown Montreal for $107 million.

The organizations announced the purchase in separate news release. The seller was not disclosed.

Both InterRent and Crestpoint hold 50% stakes in the development.

Completed in 2023, the development is located at 170 René-Lévesque Boulevard East. The tower features 248 multi-residential units, a mix of suite sizes, and 81 parking spaces.

“This addition, secured at a discount to replacement cost, bolsters our already strong and well-located Montreal portfolio,” said Brad Cutsey, InterRent’s president and CEO, in a news release.

“We’re confident that this acquisition, once stabilized, will further supplement our solid organic growth as we continue to leverage our operational strengths and position InterRent for long-term growth.”

The prime live-work-play location’s amenities include a rooftop pool, a high-end gym, and modern common areas, alongside strong transit connectivity and proximity to universities, shopping, entertainment, and healthcare facilities. The development also includes 7,000 square feet of commercial space, currently being leased to a financial institution and a national retailer.

InterRent will serve as the building’s property manager. According to InterRent, its share of the $107-million acquisition cost will be financed in the near term through proceeds from the REIT’s capital-recycling program and operating line of credit.

InterRent is pursuing long-term financing under the Canada Mortgage and Housing Corporation’s MLI Select Program.

Crestpoint acquired the property on behalf of its open-ended Crestpoint Core Plus Real Estate Strategy fund, marking a valuable addition to its downtown Montreal multi-family portfolio.

InterRent owns about 13,00 suites across Canada. Crestpoint is a commercial real estate and mortgage investment manager. The company’s diverse portfolio holds office, industrial retail and multi-family properties in major Canadian markets.

Both InterRent and Crestpoint are based in Toronto.

Photo: Crestpoint