- What Mille Deux Cents Mackay sold to Canadian Urban for $55m
- Why Mondev exits shortly after lease-up
- What next Buyer benefits from five-year rent-control exemption
A newly completed apartment building in Montréal’s Golden Square Mile has sold for $55m, Green Street News can reveal.
The 125-suite Mille Deux Cents Mackay, at 1200 Rue Mackay, was purchased by Canadian Urban. The sale, brokered by CBRE, closed June 20. The purchase price equals approximately $440,000/unit.
Developed and sold by Mondev, the 11-storey building was completed in 2024 and is 90% leased. The concrete structure has 34 studios, 79 one-bedroom units and 12 two–bedroom apartments. Suites average 600 sq ft. The units have large windows, plus balconies or gardens.
Amenities include a high-end fitness centre, a rooftop terrace, underground parking for 24 vehicles, and units with large windows plus balconies or gardens.
Mille Deux Cents Mackay is close to Concordia and McGill Universities, as well as museums, boutiques and art galleries. It is a kilometre from Mont-Royal Park.
The property benefits from a five-year exemption from Québec rent control for new construction.
Canadian Urban is an institutional real estate investment manager based in Edmonton. Founded in 1971, it manages a national portfolio of office, industrial, retail and multifamily properties on behalf of pension funds and institutional investors. Canadian Urban is led by president and CEO Sean Demsky, and touts itself for its active asset management and a long-term ownership strategy.
Mondev is a Montréal-based real estate development and management company that has been active in the city’s multifamily and commercial sectors for more than two decades. It is known for acquiring land and redeveloping sites in well-located urban neighbourhoods into modern residential communities. The company has been particularly active in central Montréal, with an emphasis on contemporary design and amenities tailored to urban lifestyles.
Mondev, with and without partners, has built and sold 728 apartments at an approximate average price of roughly $418,000/unit in Montréal since the start of 2024, according to Green Street’s Sales Comps Database. The most recent trade was April’s sale of the 102-suite Glo 2 to Capreit for $39.7m. The others were in November: the $107m trade of the 248-suite Alba to an InterRent REIT partnership, and Canadian Apartment Properties REIT’s $104.3m purchase of a two-property portfolio totaling 253 suites.
