Greyspring Apartments has expanded its holdings in Greater Montreal, adding the 412-unit Domaine Choisy community to its portfolio.
The complex fronts onto de Choisy Street, and consists of 10 low-rise wood-and-brick buildings in the Saint-Léonard neighbourhood. It contains studio, one-, two- and three-bedroom units spread over 257,523 square feet of gross floor area, with both surface and underground parking.
“We are very pleased to add this acquisition to our growing Canadian portfolio, particularly in Montreal which has recently seen substantial economic growth,” said Karl Brady, the president of Greyspring Apartments, in the announcement. “This central location of the property provides residents with convenient transit options and numerous amenities.
“We are excited to implement our value-add program to enhance the resident experience.”
To that end, Greyspring plans a comprehensive value-add program, which will include common area and suite improvements and building efficiency enhancements.
The Domaine Choisy property
The community, spread across about a block of property, is close to the intersection of Bélanger Street and Lacordaire Boulevard, an area which contains a number of essential services and amenities. It also offers easy access to transit, major highways and thoroughfares.
It’s within walking distance of retail, academic institutions and hospitals.
The complex was sold by CAPREIT in 2016 for $31.4 million, and has since been operated by Immo 1ére. That Montreal-based firm owns and operates a portfolio of apartment properties and 10 seniors homes in Quebec.
Greyspring did not release financial details of the most recent transaction.
Greyspring is an investment and asset management firm jointly owned by Greybrook Realty Partners and Marlin Spring. Its mandate is to acquire, strategically reposition and manage multifamily assets in growing and stable markets within Canada.
Its portfolio currently comprises more than 2,000 units and over $395 million in assets under management, and it is heavily weighted to the Montreal market. Brady told RENX in a recent interview he believes the city will become a “massive market” for Greyspring.
Among its most recent acquisitions in the city was a 13-storey, 105-unit apartment tower at 1951 Maisonneuve Blvd. 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.