Greyspring Apartments Announces Acquisition of a 105 Unit Multi-Family Asset in Montreal

TORONTO, Dec. 15, 2020 (GLOBE NEWSWIRE) — Greyspring Apartments announced today the acquisition of a 13-storey, 105-unit rental apartment building located at 1951 Maisonneuve Boulevard East in Montreal, Québec. Greyspring Apartments will oversee the execution of a comprehensive value-add program, which will include common area and suite improvements, the creation of a rooftop amenity space, and building efficiency enhancements.

Located in Ville-Marie, just east of Montreal’s downtown core, the property features unobstructed views of the downtown and benefits from an exceptional transit-oriented location. The building is conveniently located across from the Papineau metro station and adjacent to the Jacques-Cartier Bridge, providing residents with easy access to the Société de transport de Montréal transit. The area is highly walkable, a short distance from the St. Lawrence River, Parc des Faubourgs, Parc des Royaux and La Fontaine Park, and is poised for significant growth with a number of transformative mixed-use developments planned nearby.

The property has a mix of studios, one-bedroom and two-bedroom units with two ground floor commercial units and four levels of underground parking. The asset will form part of Greyspring’s growing apartment portfolio and expand Greyspring’s Canadian portfolio to over 1,600 units across Quebec and Ontario.

“We are very pleased to have closed on this acquisition in Montreal – a core market for Greyspring that strengthens our presence in the city,” said Karl Brady, President, Greyspring Apartments. “This property presents another great opportunity for us to execute our value-add program, improve the overall quality of the asset, and create additional economies of scale across our portfolio in Montreal.”

Read the full release on the Global Newswire site.