Greybrook Realty Partners and Marlin Spring announced today the acquisition of a portfolio of rental properties in Montréal, Québec. Entities controlled by Greybrook and Marlin Spring have purchased a portfolio consisting of seven apartment buildings with a total of 324 rental units. Greybrook and Marlin Spring will oversee the execution of a value-add program which will involve in-suite renovations and common area improvements across all seven properties.
The properties are located in the well-established Côte-Des-Neiges—Notre-Dame-De-Grâce neighbourhood of Montréal. The buildings are located within walking distance of two metro stations, convenient access to shops, grocery stores, restaurants, the Université de Montréal and hospitals, including the Jewish General Hospital.
“The close of this acquisition brings the total number of units within our Montréal value-add portfolio to 774. With asking rents currently below comparable products in the area, we believe an opportunity exists to improve both the product offering and revenue through execution of a value-add program,” said Jared Berlin, Executive Director, Asset Management, Greybrook Realty Partners.
“With the success of our existing Montreal portfolio, supported by the City of Montréal’s strong rental market fundamentals, we believe these assets are a natural fit in our growing Québec Multi-family Portfolio” said Elliot Kazarnovsky, CFO, Marlin Spring.
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