Marlin Spring and Greybrook Realty Partners have purchased eight apartment buildings in Montréal, and two apartment buildings and a townhouse complex in Québec City, for an aggregate purchase price of $117,500,000. This portfolio consists of 450 rental units in Montréal and 217 rental units in Québec City.
Seven of the eight Montréal properties are located in the suburb of Hampstead and the eighth Montréal property is located downtown, minutes from McGill University and Concordia University. The two Québec City apartment buildings are located in the Limoilou District, and the third property, Gingras townhomes, is located west of downtown Québec City.
“Marlin Spring and Greybrook have a strong history of successful partnerships and we are delighted to partner on this acquisition, a great addition to our Canadian portfolio of value-add assets,” said Ben Bakst, CEO of Marlin Spring Investments. “With current rents for each property sitting at below market value relative to comparable units in the vicinity, we believe an opportunity exists to meaningfully increase the properties’ Net Operating Income by executing a value-add program to upgrade the assets.”
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