Greyspring acquires 10 buildings, 412 apartments. in Montreal | RENX
Greyspring Apartments expanded its holdings in Greater Montreal, adding the Domaine Choisy community of 412 units to its portfolio.
The complex overlooks rue de Choisy and consists of 10 low-rise wood and brick buildings in the Saint-LÃ©onard district. It contains studios, one, two and three bedroom units spread over 257,523 square feet of gross floor area, with surface and underground parking.
âWe are very pleased to add this acquisition to our growing Canadian portfolio, particularly in Montreal, which has recently experienced substantial economic growth,â said Karl Brady, President of Greyspring Apartments, in the announcement. âThis central location of the property provides residents with convenient transportation options and many amenities.
âWe are excited to implement our value-added program to enhance the resident experience. “
To this end, Greyspring is planning a comprehensive value-added program, which will include improvements to common areas and suites and improvements in building efficiency.
The property of Domaine Choisy
The community, spread over about one block, is located near the intersection of BÃ©langer Street and Lacordaire Boulevard, an area that contains several essential services and amenities. It also offers easy access to public transport, major highways and communication routes.
It is within walking distance of retail shops, universities and hospitals.
The complex was sold by CAPREIT in 2016 for $ 31.4 million, and has since been operated by 1st real estate. This Montreal-based company owns and operates a portfolio of apartments and 10 seniors’ residences in Quebec.
Greyspring did not disclose financial details of the most recent transaction.
Greyspring is an investment and asset management company jointly owned by Greybrook Real Estate Partners and Spring Marlin. Its mandate is to acquire, strategically reposition and manage multi-family assets in growing and stable markets in Canada.
Its portfolio currently comprises over 2,000 units and over $ 395 million in assets under management, and it is heavily weighted by the Montreal market. Brady told RENX in a recent interview that he believes the city will become a “massive market” for Greyspring.
Among his most recent acquisitions in the city is a 13-storey, 105-unit apartment tower at 1951, boul. Maisonneuve. E., in Ville-Marie just east of downtown.
At that time (December 2020), Brady said Greyspring expected to make several additional purchases in Greater Montreal during 2021.