A significant real estate transaction occurred in the Montreal East area, involving the sale of a multi-residential portfolio. This portfolio includes concrete properties built in 1978, comprising 720 units.The transaction is valued at $ 102M, with a cost per unit (CPU) of $141,000. This transaction marks the largest deal in the past two years, both in terms of price and the number of units, for the Province of Quebec.
The seller involved in this transaction is a private investor based in Toronto. Their decision to sell this large multi-residential portfolio underscores its appeal, even in the current mortgage market environment.
Mainbourg, a prominent real estate company specializing in community housing in the east end of Montreal, proudly acquires this portfolio. Mainbourg, headquartered in Montreal, has positioned itself as a key player in community housing initiatives. Over 50% of their housing units are subsidized by the Office municipal d’habitation de Montréal (OMHM). This acquisition further solidifies Mainbourg’s groundwork in pursuing its mission of developing community-driven housing solutions.