- What A 28-unit multifamily property in Montréal’s Westmount neighbourhood has sold for $11.5m
- Why The property traded at a 5% capitalization rate with full occupancy
- What next The asset is positioned in a prime Westmount location
A boutique multifamily property in Montréal’s affluent Westmount neighborhood has traded for $11.5m, Green Street News can reveal.
Lotus Immobilier sold The Abbey, a 28-unit residential complex at 4643 Sherbrooke Street West, to a private family investor. The transaction closed on Feb. 15 with the price translating to a 5% capitalization rate. Avison Young brokered the deal.
The property, which maintains 100% occupancy, comprises a mix of one-, two- and three-bedroom units. The unit breakdown includes one single-bedroom unit, 18 two-bedroom units and nine three-bedroom units. Units average 1,200 sq ft with average rents of $2,200.
The Abbey is near several community amenities, including Westmount Park, the Westmount Public Library and the Westmount Recreation Center. The property is also close to the Victoria Village shopping district, offering residents access to retail and dining options.
Based in Montréal, Lotus Immobilier is a private family-owned investment firm that has been in operation since 1999.
