- What Uptimo bought 825 Beauregard, a 232-unit apartment complex in Québec City, for $42m
- Why The company sees growth potential in the Québec City market
- What Next An additional 100-200 units could be built on the site’s parking lot
Uptimo acquired an apartment complex in Québec City’s Sainte-Foy suburb for $42m, RENX reported, marking the company’s largest acquisition to date.
The Sherbrooke, Qué.-based real estate investment firm purchased 825 Beauregard from members of the Bombardier family. The property, comprising two 13-storey buildings, is adjacent to Université Laval, between Chemin Sainte-Foy and Chemin des Quatre-Bourgeois.
Built in 1980, the complex comprises studios, one-, two- and three-bedroom units. The tenant mix includes students, professionals and seniors.
The property has development potential, with space to build an additional 100-200 units on the existing parking lot. Uptimo plans to partner with developers on an expansion, though work may not begin for 5-10 years.
A $6m capital expenditure plan is scheduled over the next five years, including improvements to doors, windows, common areas, underground parking and balconies. The company has secured CMHC financing for energy-efficiency upgrades.
Uptimo, which manages 2,000 apartment units primarily in Sherbrooke, views the Québec City market as undervalued compared to other cities. The company plans to expand into additional markets within the next three years.
