- What A new luxury apartment tower on Montréal’s North Shore is seeking $100m
- Why The 219-unit building is LEED and zero-carbon certified
- What next Avison Young has the marketing assignment
A new 28-storey rental tower in Terrebonne, Que., has come to market with pricing guidance of $100m, Green Street News can reveal.
Le Symbio, at 1475 Rue Yves-Blais in the city’s Lachenaie region, is being offered by FTG Development, Claridge and Services Immobiliers First under their joint-venture Investissements Symbonne. Avison Young has the marketing assignment.
The tower is billed as Canada’s first multifamily development that is both LEED and zero-carbon certified. The valuation works out to $456,000/unit.
Le Symbio is 30% vacant. In-place rents average $1,996/month, roughly 20% below market. The complex comprises 24 studios and 99 one-bedroom, 82 two-bedroom and 14 three-bedroom apartments. Units average 795 sq ft, with layouts ranging from 475 to 1,300 sq ft.
The property has CMHC-insured financing at a 4% capped interest rate with a 50-year amortization under the MLI Select program.
Amenities include an indoor pool, a fitness centre, a rooftop terrace, a yoga studio, a sauna, a bike station with a maintenance area, car-charging stations and storage lockers. The property has 330 interior and exterior parking stalls total.
Le Symbio is the latest addition to the rapidly evolving North Shore. The property’s combination of environmental certifications, below-market rents and significant vacancy positions it as a value-added opportunity in the Montréal area.
The luxury tower sits near the intersection of Highways 640 and 40. It is about 25km from downtown Montréal, 33km from Université du Québec à Trois-Rivières’s future campus site and less than a kilometer from Pierre-Le Gardeur Hospital.
If the property trades at or near guidance, it would be the largest multifamily deal in the Greater Montréal Area this year, according to Green Street’s Sales Comps Databases. Notably, another high-priced Montréal apartment building is on the block: Le Cent-Onze, which has a pricing guidance of $110m.
The development of Le Symbio stemmed from a collaboration between SAJO, FTG, Claridge and Services Immobiliers First.
SAJO is a Montréal-based project management and construction firm established in 1977. The company manages commercial and multifamily developments in Canada, the U.S. and Europe, with experience across the retail, residential and institutional sectors.
FTG invests in and develops multifamily and mixed-use assets in Québec.
Claridge is the investment office of the Bronfman family, active in private equity and real estate across Canada and internationally, with holdings in the residential, industrial and food industries.
Services Immobiliers First provides property management and asset management services throughout the province.
