The Ontario-based Canadian arm of Greybrook Realty Partners has announced its expansion beyond the GTA and the southern part of the province with its purchase and upgrading of existing multi-unit residential buildings in Montreal.
In particular, the asset management and advisory services firm is looking at acquiring and renovating apartment buildings in the city as tenants move out. Among the upgrades mentioned were new appliances, floors, and countertops, “hopefully increasing the rents a little bit (while) operating the assets.”
“[Montreal is] something that we’re very interested in,” Greybrook CEO Peter Politis told RENX, adding that “we’re actively bidding on stuff as we speak.”
Aside from aiming for a portfolio of 80 residential rental units in suburban Côte Saint-Luc., Greybrook is also in the process of purchasing “value-add opportunities” in Quebec City, Politis said.
Read more: Montreal market’s Q2 numbers show sustained strength – housing board
Montreal’s relative affordability both in terms of home sales and rental rates makes it a sensible choice for further expansion, especially compared to red-hot markets such as Toronto.
“I think that there are a lot of people that are going there and I think that there’s a lot of legs in that real estate market for us,” Politis explained. “It’s something that we’ve been looking at for a little bit but really feel on the multi-family side it’s somewhere that we want to be”
CMHC releases cross-section of Montreal’s home buyer demographics
Canada’s high-end property markets maintain strong performances