- What Le 6630 tower in Montréal’s NDG neighbourhood is seeking $65m
- Why The property has significant upside with rents 27% below market value
- What next CBRE is marketing the property for a private European family
A 254-unit apartment tower in Montréal’s Notre-Dame-de-Grâce neighbourhood, dubbed Le 6630, has hit the market with pricing guidance of $65m, Green Street News can reveal.
The valuation for the property, at 6590-6630 Rue Sherbrooke West, works out to $256,000/unit. In-place rents sit 27% below the market average, presenting significant upside potential for new ownership. Built in 1967, the property is being marketed by CBRE on behalf of Germany’s Layher family.
The 22-storey concrete structure comprises 153,000 sq ft of net rentable area and maintains a 94% occupancy rate. The property experiences an average annual turnover rate of 15%.
The building has 89 studios, 110 one-bedroom units, 54 two-bedroom units and a penthouse suite. Unit sizes range from 380 to 900 sq ft, with an average of 600 sq ft.
The property has 82 interior parking stalls accessed via a heated ramp. Amenities include a laundry room, an indoor pool, saunas and a rooftop terrace.
The property is 7 km from downtown Montréal and is a few blocks from Concordia University’s Loyola campus.
Notre-Dame-de-Grâce, commonly known as NDG, is one of Montréal’s most established residential neighbourhoods in the city’s west end.
The Layher family owns Wilhelm Layher GmbH & Co. KG, one of Germany’s largest privately held manufacturing companies. Founded in 1945 by Wilhelm Layher, the company has grown into the world’s leading manufacturer of scaffolding systems, with operations in over 80 countries and with more than 1,900 employees globally. The business remains 100% family-owned and is managed by partners Carolin Langer and Georg Layher, representing the next generation of family leadership.
