- What Starlight and KingSett sold two Montréal-area apartment buildings
- Why Ziemia Capital paid $25.5m for the assets
- What next Ziemia is actively seeking out more acquisition opportunities
Starlight Investments and KingSett Capital have sold two rental apartment buildings in Pointe-Claire, Que., for $25.5m, Green Street News can reveal.
Ziemia Capital purchased the neighbouring buildings, at 496-509 Delmar Avenue and 380 Hearne Avenue, acquiring a total of 148 units for $172,000/unit. RBC Capital Markets’ real estate group brokered the sale, which closed on Sept. 24. KingSett and Starlight owned the buildings together.
The low-rise buildings traded at a capitalization rate of around 5%. Desjardins provided a 95% loan through Canada Mortgage and Housing Corp.’s MLI Select program.
The apartments range from one to three bedrooms, and there’s a surface parking lot for residents. The buildings are just south of Autoroute 40 and are roughly 7 km from Montréal-Pierre Elliott Trudeau International Airport.
Ziemia is actively looking to continue expanding its portfolio, which now includes 11 buildings, largely Greater Montréal Area multifamily, as well as two land parcels. The company is considering opportunities both in the GMA and beyond.
