A 144-unit apartment complex on Montreal’s South Shore has sold for $22.4 million, as investors continue to target older rental properties for renovation and repositioning rather than pursuing new construction.
Place Roberval, a three-building complex in Longueuil, was acquired by Les Immeubles Jardin Radisson in a transaction that closed Oct. 5. The sale price works out to roughly $155,600 per apartment, setting a new pricing benchmark for larger multifamily properties in the Montreal region.
The complex consists of three buildings located at 51 and 71 Roberval Blvd. W. and 3131 Racicot St., in an established residential neighbourhood of Longueuil.
Deal Details and Representation
Avison Young’s Quebec Capital Markets team represented the seller in the transaction, pointing to the property’s potential for further renovations and repositioning as a key draw for buyers.
Guillaume Monast, associate vice-president at Avison Young, said the property offered a rare opportunity to acquire a large-scale asset on the South Shore, citing significant value creation potential through continued renovations and repositioning.
Quebec land registry documents show that HZT Acquisitions originally signed the purchase agreement on June 30 before assigning it to Les Immeubles Jardin Radisson at closing.
Montreal’s Shifting Rental Market
The deal comes as Montreal’s rental market adjusts to a growing supply of purpose-built apartments, with investors weighing the income potential of existing rental properties against the costs associated with new development.
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