Several existing multi-unit residential buildings in Montreal are slated to be upgraded upon their purchase by asset management and advisory services Greybrook Realty Partners, which is currently based in Ontario.
Greybrook has taken the first step in its expansion beyond the GTA, setting its sights on a portfolio of 80 residential rental units in suburban Côte Saint-Luc.
The apartment buildings will be renovated as tenants move out. To increase rent values while still keeping the properties in operation, Greybrook said that it will upgrade the acquired assets with new appliances, floors, and countertops.
“[Montreal is] something that we’re very interested in,” Greybrook CEO Peter Politis told RENX, adding that “we’re actively bidding on stuff as we speak.”
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Compared to the inflamed prices in markets like Toronto, Montreal’s relatively affordable housing costs and rental rates make it an obvious choice for further expansion, Politis said.
“I think that there are a lot of people that are going there and I think that there’s a lot of legs in that real estate market for us,” Politis explained. “It’s something that we’ve been looking at for a little bit but really feel on the multi-family side it’s somewhere that we want to be.”
Aside from the Côte Saint-Luc portfolio, Greybrook is also in the process of purchasing “value-add opportunities” in Quebec City, Greybrook announced.