Minto Apartment Real Estate Investment Trust has announced its acquisition of a 50% interest in Rockhill, a 1,004-unit multi-residential property at 4850-4874 Côte-des-Neiges Road in Montreal.
The six-building, 7.6-acre property was built in 1967-68. It is situated nearby the University of Montreal, and is in fact adjacent to Mount Royal Park. It also lies in close proximity to several hospitals and the Côte-des-Neiges Metro Station.
“It is with great enthusiasm and pride that we are entering the strong Montreal rental market for the first time with the purchase of Rockhill,” Minto Apartment REIT CEO Michael Waters said.
“Rockhill has the right foundation to become an even better place to live: an iconic property and a great community that we want to build on.”
In a recent market analysis, Altus Group reported that foreign investment in Montreal real estate accelerated by a dramatic 183% annually in 2018, a trend impelled by foreigner-targeted policies in other large markets like Toronto and Vancouver.
“It’s not a coincidence that after the foreign investor taxes in Toronto and Vancouver, interest moved to the Montreal market,” Vincent Shirley of the Altus Group explained.
“Foreign investors originally looked at the Vancouver and Toronto markets but they also recognized Montreal as a discounted market. There are more factors involved than just that: The fundamentals in Montreal are really strong right now and the job market is very good too.”