Recent Significant Sales | Multi-family, January 2024

CAPITALE-NATIONALE – 757 UNITS

The first transaction involves the transfer of a portfolio comprising a total of 757 units. A builder based in the city of Quebec has transferred its portfolio to a real estate company for a total amount of $245 M. The years of construction of the various properties range from 2014 to 2020, making it a portfolio of recent constructions, thus explaining a relatively high cost per unit (CPU) ranging between $226,000 and $413,000.

It should be noted that in the Quebec region, the average cost per unit for new constructions currently stands at $276,000. Therefore, this transaction was concluded at a value higher than the regional average. Furthermore, this transfer ranks among the largest in terms of units and sale prices.

VILLE SAINT-LAURENT – 270 UNITS 

A private investor, operating in the multi-residential real estate investment sector in Montreal, recently sold a property built in 1970, comprising 270 units, for a total amount of $41.5 M This implies a cost per unit (CPU) of $154,000.

The buyer is a private equity company. With the acquisition of the property in Ville St-Laurent, this company was able to expand its real estate portfolio to more than 1,500 multiple residential units. Its sphere of activity extends significantly across the island of Montreal as well as in the southern suburbs of the metropolis.

GATINEAU –  249 UNITS

In a recent transaction, the real estate investment trust (REIT) Skyline sold a multi-residential property located in Gatineau, near the Outaouais River marking the border with Ontario. A real estate company acquired this property for an amount of $48 M.

In this transaction, the acquiring company added 249 units to its portfolio, bringing its total number of multi-residential units to over 2,500. The cost per unit (CPU) for this transaction amounted to $193,000, whereas the average CPU in the Gatineau region currently stands at $138,000.