- What 5AM Capital acquires Montreal downtown office for $11.2m
- Why The firm plans to convert the property into student housing
- What next Avison Young has identified an additional 20 such potential conversions in Montreal
Investment firm 5AM Capital has bought an office building at 1434 Sainte-Catherine Street West in Montreal for $11.2m that it plans to convert to student housing.
The 44,000 sq ft building was sold by Gestion SIDEV. Avison Young brokered the deal, which closed on June 14. 5AM received a $15m loan from Computershare Trust Co. of Canada.
The five-storey building, constructed in 1932 and last renovated in 2000, has two elevators. The building is close to Concordia University and McGill University.
The building’s mixed-use and residential zoning, relatively small floor plates and low occupancy rate make it ideal for conversion, according to Avison Young. It’s also close to public transportation and highways.
Avison has identified 20 other potential office conversion projects in Montreal.
