- What Claria sold Westwood House in Dollard-des-Ormeaux for just under $20m
- Why Avison Young had been marketing the property since the spring
- What next Rental housing provider Montlyn Group added the site to its portfolio
Claria offloaded a Montréal-area apartment building to rental housing provider Montlyn Group for just under $20m, Green Street News can reveal.
Westwood House, at 33 Brunswick Boulevard, traded at a 4.5% capitalization rate. The three-storey, 116-unit rental building has 14 studio, 33 one-bedroom and 69 two-bedroom units.
The Montréal-based investment and development firm initially listed Westwood House, in Dollard-des-Ormeaux, as part of a two-property portfolio in the fall of 2023, but no transaction took place. This spring, the assets were listed individually, with the other building selling just before changes to the capital gains tax took effect in June. Avison Young brokered the sales.
Westwood House is in a central location, just 250 m from the Galleries des Sources shopping mall and a kilometre from Autoroute 40. It’s 4 km from Montréal-Pierre Elliott Trudeau International Airport.
A number of notable apartment sales have taken place in the Montréal area in recent months. Bishop Plaza, a low-rise rental complex in LaSalle, traded in June for $25.3m, according to Green Street‘s Sales Comps Database.
Also in June, low-rise apartment properties at 3570-3610 Rue Messier and 4105-4145 Rue Parthenais in the De Lorimier neighbourhood sold for $31.2m.
