- What InterRent REIT has purchased a 50% stake in the Alba apartment building in Montréal
- Why The company acquired the property through a joint venture with Crestpoint Real Estate Investments, RENX reported
- What next The REIT will fund its portion of the deal through proceeds from its capital recycling program and its operating line of credit
An InterRent REIT joint venture has bought a 248-unit residential tower in Montréal for $107m.
The Ottawa-based company acquired the 20-storey Alba through a 50-50 joint venture with Crestpoint Real Estate Investments, RENX reported. CBRE brokered the deal on behalf of sellers Mondev and Hillpark Capital.
The REIT will fund its portion of the deal through proceeds from its capital recycling program and its operating line of credit. Long-term financing was submitted in early October through CMHC’s MLI Select program.
Completed in 2023, the building, at 170 René-Lévesque Boulevard East, has studio to three-bedroom suites. Amenities include a rooftop terrace, a fitness centre, an outdoor pool and car-charging stations.
There’s also about 7,000 sq ft of ground-floor commercial space that is being leased to a financial institution and a national retail brand.
The property is near the Old Port of Montréal and Champ-de-Mars Metro station.
