Late last week, Greybrook Realty Partners and Marlin Spring announced the acquisition of a Montreal portfolio comprised of seven apartment buildings with a total of 324 rental units.
Said properties are situated close to restaurants, shops, hospitals, grocery stores, two metro stations, the Université de Montréal, and hospitals like the Jewish General Hospital.
Greybrook Realty and Marlin Spring stated that they will also be in charge of renovating suites and improving the common areas across all the buildings.
“The close of this acquisition brings the total number of units within our value-add portfolio to 774. With asking rents currently below comparable products in the area, we believe an opportunity exists to improve both the product offering and revenue through execution of a value-add program,” Greybrook Realty executive director Jared Berlin said.
“With the success of our existing Montreal portfolio, supported by the City of Montreal’s strong rental market fundamentals, we believe these assets are a natural fit in our growing Quebec Multi-family Portfolio” Marlin Spring CFO Elliot Kazarnovsky added.
In recent years, strong population growth – especially immigration – has spurred sustained growth in Montreal’s rental housing market.
Figures from IPA’s Midyear Canadian Multifamily Investment Forecast Report indicated that by the end of June 2019, the city’s average rent increased 4.1% year-over-year, up to $797 per month. Average prices grew by 6% year-over-year, up to $154,400 per unit.
23 Sep 2019