Located at 4760 Cote-Des-Neiges, the property overlooks Mount Royal Park. The property is currently 99% occupied at an average monthly rent of $625 per unit.
Residential Equities REIT says the property was acquired for less than 40% of replacement cost. Recent renovations to the building's common areas include new marble floors and wall treatments in the lobby and refinished corridors.
Residential Equities President and Chief Executive Officer Dino Chiesa said it is the company's second acquisition in Montreal this year. "Increasing our local presence in Canada's largest apartment market will enhance our portfolio returns with increasing economies," said Chiesa.
Residential Equities is one of Canada's largest REITs. With this acquisition, the company's portfolio consists of 64 residential properties comprised of 10,450 units and 227,042 sf of ancillary retail and office space.
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