REIT completes major apartment acquisition in Montreal's suburbs

REIT completes major apartment acquisition in Montreal's suburbs

REIT completes major apartment acquisition in Montreal

Attesting to the strength of the Montreal market, CAPREIT has announced the completion of its acquisition of a brand-new, seven-storey apartment building in the city’s Boisbriand suburb.

The REZ Boisbriand building features 121 apartments, coming in bachelor, one-, two-, and three-bedroom variants. The property also offers a fitness facility, an indoor salt-water swimming pool, universal air conditioning, and a balcony for every suite, among others.

The sale was valued at $33.3 million, with CAPREIT securing the property through its Acquisition and Operating credit facility.

“We continue to strengthen and modernize our portfolio with the acquisition of new and recently constructed properties such as REZ Boisbriand. We are confident this attractive and well-appointed property will see high demand and will benefit from our strong and proven Montreal management team,” CAPREIT president and CEO Mark Kenney said.

Montreal’s multi-family housing is proving to be among the market’s most valuable property types, as the category enjoyed the strongest sales growth last month, according to the Quebec Professional Association of Real Estate Brokers.

Overall residential sales stood at 4,211 in October, increasing by 14% year-over-year.

Plexes (those with two to five dwellings) posted the largest upsurge at 22% annually for a total of 476 transactions. Median price also went up by 7% to around $560,000.

Meanwhile, condo unit sales strengthened by 11% during the same period, for a total of 1,509 sales. Their average value went up 6% to around $280,000.