Recent Significant Sales | Multi-family, October 2023

PIERREFONDS – CONCRETE

The biggest transaction of the month is a 123-unit concrete building, which was sold for a total amount of $ 20.3M. This property, located in Pierrefonds, was built in 1978. The cost per unit of this building is  $165,000/ unit with a CAP rate of 4.3%. The buyer, a private investor, acquired this property from an experienced investor who owns over 1,500 units in the Greater Montreal area since 2018

ROSEMONT -CONCRETE

On October 20, 2023, a major real estate transaction took place in the Rosemont area, involving the sale of a concrete multi-unit building constructed in 1962. The sale amount reached $ 10M, with a cost per unit (CPU) of $149,000. The building comprises a total of 67 units. The seller of this property was a private investor, while the buyer was a real estate company based in Westmount. This transaction represents a significant example of the resilience of experienced buyers despite the increase in interest rates.