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Greyspring Apartments has acquired an 11-storey, 180-unit concrete apartment building at 335 Deguire Blvd. in Greater Montreal as it continues to expand its portfolio in the island district.
The acquisition gives Greyspring over 550 units in the borough of Saint Laurent on the Island of Montreal and adds operating and execution efficiencies, according to a post which announced the transaction.
Greyspring did not disclose financial details.
Its proximity to parks, schools, CEGEPs, grocery stores, restaurants and transit options - access to Highway 15, the Exo train network, the upcoming REM network – are highlighted by Greyspring.
Known as Le Comesol Apartments, it was owned by Canadian Apartment Properties REIT (CAPREIT) (CAR-UN-T) and was constructed in the 1970s, similar to many of Greyspring's other acquisitions in the area.
335 Deguire is a few blocks away from another acquisition Greyspring made earlier this year: 14-storey concrete buildings at 135 and 145-155 Deguire Blvd.
Greyspring’s focus on Montreal
The Toronto-based company formed as a joint venture between partners Greybrook Realty Partners and Marlin Spring with an emphasis on acquiring and repositioning multifamily assets across Canada.
Its portfolio numbers at more than 1,600 units and $320 million in assets under management.
The 335 Deguire Blvd. acquisition puts Greyspring’s Montreal portfolio at 22 properties.
Greyspring has taken a particular focus on the Montreal apartment market.
CEO Karl Brady told RENX in a previous interview Montreal is a key market for Greyspring.
The 135 and 145-155 Deguire properties include 393 residential units and 5,361 square feet of ground-floor commercial space. They were acquired in July.
Another notable acquisition was the 21-storey, 160-unit 2000 Rue Saint Marc property. Its location in Montreal’s downtown Shaughnessy Village puts it close to other Greyspring assets in the neighbourhood.
One of its largest acquisitions, made in August 2021, is the de Choisy Street apartment complex in Montreal’s Saint-Léonard neighbourhood.
Spread across 10 low-rise wood-and-brick buildings with 412 units, it has a mix of studio, one-, two- and three-bedroom units with both above- and underground parking. It comprises 257,523 square feet of gross floor area.
Another notable property is 2121 Tupper and 5301-5317 Sherbrooke St. W, also located in Shaughnessy Village.
The 280-unit asset is close to Concordia University and the McGill University Health Centre Glen Campus.
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