Property Biz Canada

Akelius buys four Montreal apartment buildings

Steve McLean | RENX | Residential | 2016-01-27

Akelius Canada has significantly boosted its portfolio of Montreal apartment buildings with the acquisition of four properties housing 415 units from Cromwell Management.

Akelius DrummondAkelius will also manage the properties, which were purchased for $120.5 million. They were built between 1956 and 1973 and have good access to public transit.

“The properties have been well-maintained and are in good condition,” said Akelius transactions and valuations manager Ben Scott. “We will complete necessary repairs identified by our engineers and update several of the common spaces, including hallways and lobbies.”

New Akelius acquisitions

The subsidiary of Sweden’s Akelius Residential Property AB added two downtown buildings: a recently renovated 68-unit apartment at 3421 Drummond St. close to the Ritz-Carlton Montreal hotel and Holt Renfrew; and a nearby 67-unit apartment with 24-hour doorman service at 3435 Drummond St. The company already owns another nearby property at 3468 Drummond St.

Akelius increased its presence in Westmount with a 145-unit building at 4800 Blvd. de Maisonneuve W. with doormen, a gym, an outdoor pool, a sauna and a sundeck. The company now also owns the nearby 10-storey, 135-unit apartment at 4555 Bonavista Ave. with 24-hour doorman service, an indoor pool, a sauna, a gym and a rooftop terrace.

These additions give Akelius 50 buildings with 4,414 units in Toronto and Montreal, where its respective offices and properties employ more than 100 people.

“We are continuously evaluating other Canadian markets, but our current focus remains growing and improving operations in Toronto and Montreal,” said Scott.

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Steve McLean

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Steve McLean is a veteran writer, reporter, editor and communications specialist whose work has appeared in a wide variety of print and online outlets. He’s the author of the book Hot Canadian Bands and has taught reporting to college students.

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