- What A 104-unit apartment building in Montréal has sold for $26.5m
- Why The property has recent phased renovations and strong occupancy
- What next Buyer Samy Solomon Sabbah adds the stabilized asset at $255k/unit
InterRent REIT has sold a seven-storey apartment building in Montréal’s Notre-Dame-de-Grâce neighbourhood to investor Samy Solomon Sabbah for $26.5m, Green Street News can reveal.
Avison Young brokered the sale of the property, at 6950 Fielding Avenue, which closed on April 15. The valuation works out to roughly $255,000/unit.
The 1960-built midrise has seen phased renovations over the past several years, with unit upgrades completed between vacancies. Improvements include hardwood floors, stainless-steel appliances, modernized kitchens, updated lighting and refreshed balconies.
The average unit size is 780 sq ft. In-place rents average $1,549/month. The building is 97% occupied.
Amenities include indoor parking, laundry facilities, an elevator and 24-hour emergency services.
The property is 250m from Concordia University’s Loyola campus, a kilometre from Gare Montréal-Ouest and the Snowdon metro station, and 9km from Montréal-Pierre Elliott Trudeau International Airport.
InterRent continues to trim its Montréal portfolio, while Sabbah expands his holdings in the city’s apartment sector.
InterRent is one of the country’s largest purpose-built rental operators. Based in Ottawa, the REIT has a portfolio of 123 rental communities comprising over 13,000 units in Ontario, Québec and British Columbia. The firm recently agreed to be acquired by an entity owned by CLV Group and GIC for approximately $4bn.
