Boardwalk REIT has completed its acquisition of a large multi-family complex in Laval, Que., from the Saroukian Group for $249 million.

According to Avison Young, the transaction is the largest completed multi-family deal in Quebec this year. Avison Young represented Saroukian in the transaction.

“This is a terrific investment opportunity because the properties are fully stabilized with positive cash flow and offer a proof of concept,” said Mark Sinnett, an Avison Young principal and executive vice-president of the company’s Quebec capital markets group.

Boardwalk acquired the first three phases of the project, which were built in between 2019 and 2022. The purpose-built rental asset contains 541 luxury suites and a shovel-ready development site for two additional towers with 419 suites.

According to Boardwalk, the first three towers’ suites average 942 square feet. The purchase price equates to $460,000 per suite at a going-in cap rate of 4.5%.

Boardwalk assumed $178.2 million in Canada Mortgage and Housing Corporation financing with an average interest rate of 1.56% and 3.2 years remaining. Central Parc 2 and 3 were financed under CMHC’s Rental Construction Financing Initiative with affordability maintained on 91 units.

The acquisition is part of Calgary-based Boardwalk’s capital upcycling initiatives, significantly expanding the REIT’s presence in Great Montreal.

Following a future expansion, the property could include 1,100 rental apartments upon full build-out. Amenities include a rooftop pool, sky lounge, cinema room, fitness facility, putting greens and a one-acre private park.