- What Nofada Immobilier bought an apartment complex from Capreit
- Why Strong demand in Québec is expected to keep vacancy rates low
- What next The property builds on Nofada’s growing portfolio
Nofada Immobilier and its partners have acquired an apartment complex in Québec City from Canadian Apartment Properties REIT for $35.7m.
The 214-unit Chapdelaine, at 2200-2220 Chapdelaine Avenue, is in the centre of Sainte-Foy — a suburban area west of downtown. The price comes out to $167,000/unit.
Avison Young brokered the deal, and financing was provided by Caisse Desjardins des Versants du Mont-Royal. Capreit bought the property in 2006 for $10m, or $47,000/unit.
The property comprises two 12-storey buildings with 107 units apiece and two commercial spaces. Amenities include communal laundry facilities, an outdoor pool, and indoor and outdoor parking.
Université Laval, École Fernand-Séguin and Cégep de Sainte-Foy are nearby, and Québec City Jean Lesage Airport is 8 km away.
Nofada has taken over management of the property. Founded in 2014, the company buys and manages multi-residential buildings, mainly in Montréal, Québec City and the southern St. Lawrence River shore area. The company owns over 500 units.
In a report earlier this year, Canada Mortgage and Housing Corp. said the supply of rental housing will increase in Québec in the coming years. However, strong demand will keep the vacancy rate low, and average rents continue to increase steadily.
