- What A 41-unit building in Montréal sold for $12.3m
- Why Private joint venture seller exits after 30 years
- What next Rents are 35% below market, so growth is expected
A four-storey apartment building in Montréal has been sold for the first time since Jean Chrétien was prime minister, Green Street News can reveal.
The 41-unit building at 4655 Avenue Bonavista in Côte-des-Neiges–Notre-Dame-de-Grâce sold for $12.3m, or $300,000/unit. The buyer was Montréal-based Immobilier JLB.
Avison Young represented the seller, an unidentified partnership that bought the property 30 years ago. The sale closed on May 12.
The trade is the largest in the Côte-des-Neiges district this year, according to Green Street’s Sales Comps Database.
The 54,000 sf ft building has 25 interior parking spaces. It comprises nine one-bedroom, 25 two-bedroom and seven three-bedroom units. The average rent is $1,370, approximately 35% below the district’s average of $2,123.
The building is close to Université de Montréal and about 1km from Villa Maria metro station.
