- What Avison Young is marketing a 49-unit apartment building in Hampstead
- Why Hillpark Capital redeveloped the property in 2018
- What next The sale includes an assumable CMHC mortgage
A four-storey apartment complex in a Montréal suburb has hit the market with an $18m price tag, Green Street News can reveal.
Hillpark Capital is looking to offload 1 Glenmore, named after its address at 1 Glenmore Road in Hampstead, following its redevelopment of the property in 2018. Avison Young has the listing.
The building comprises 32 one-bedroom and 17 two-bedroom units, with an average rent of $1,700. It has indoor and outdoor parking, an elevator and storage lockers.
The property has an assumable Canada Mortgage and Housing Corp.-insured mortgage. The loan carries a 3.77% interest rate and is amortized over 50 years, with approximately $13m remaining as of March 1 and three years until maturity.
The property is close to shopping centres such as SmartCentres Décarie, Quartier Cavendish and Décarie Square, as well as Montréal’s Monkland Village neighbourhood.
Hillpark Capital is a Westmount, Qué.-based owner, developer and manager of urban residential and commercial properties. It purchased the property from the Dubrovsky family in 2018 with plans to develop.