- What Claria sold an apartment building in Dorval, Qué., for $13.2m
- Why The developer was looking to offload two assets in the area
- What next A group of private investors has acquired the building
Development and investment firm Claria sold an apartment complex in Dorval, Qué., for $13.2m, Green Street News can reveal.
The two-building property, dubbed Victoria Towers, was purchased by a group of private investors who hold a small multifamily portfolio in the area. It traded at a 4.5% capitalization rate, and Avison Young brokered the sale.
Claria initially listed Victoria Towers alongside another rental property, Westwood House in Dollard-des-Ormeaux, as part of a two-property portfolio in the fall of 2023, but no sale took place. This spring, the assets were listed individually. Westwood House sold to rental housing provider Montlyn Group for just under $20m.
Victoria Towers, at 435 and 455 Roy Avenue, has studio to two-bedroom units, with some recently renovated units having been made available this year. The building is equipped with laundry facilities, balconies and a garage.
The property is immediately south of Autoroute 20. To the east is the Les Jardin Dorval shopping mall with a grocery store, Walmart, SAQ and dozens of other retailers.
The multifamily market in the Greater Montréal Area has seen notable activity of late. In June, Bishop Plaza, a low-rise rental apartment complex in LaSalle, traded for $25.3m, according to Green Street’s Sales Comps Database. And in late September, KingSett Capital and Starlight Investments offloaded two rental properties in Pointe-Claire for a collective $25.5m.
