TORONTO, Sept. 20, 2019 (GLOBE NEWSWIRE) -- Greybrook Realty Partners and Marlin Spring announced today the acquisition of a portfolio of rental properties in Montréal, Québec. Entities controlled by Greybrook and Marlin Spring have purchased a portfolio consisting of seven apartment buildings with a total of 324 rental units. Greybrook and Marlin Spring will oversee the execution of a value-add program which will involve in-suite renovations and common area improvements across all seven properties.
The properties are located in the well-established Côte-Des-Neiges—Notre-Dame-De-Grâce neighbourhood of Montréal. The buildings are located within walking distance of two metro stations, convenient access to shops, grocery stores, restaurants, the Université de Montréal and hospitals, including the Jewish General Hospital.
“The close of this acquisition brings the total number of units within our Montreal value-add portfolio to 774. With asking rents currently below comparable products in the area, we believe an opportunity exists to improve both the product offering and revenue through execution of a value-add program,” said Jared Berlin, Executive Director, Asset Management, Greybrook Realty Partners.
“With the success of our existing Montreal portfolio, supported by the City of Montréal’s strong rental market fundamentals, we believe these assets are a natural fit in our growing Québec Multi-family Portfolio” said Elliot Kazarnovsky, CFO, Marlin Spring.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners is a Toronto-based asset management firm that invests equity in real estate development and value-add assets. The firm offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners, through its affiliates, has invested over $1 billion of equity in more than 70 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of over 35 million square feet of residential and commercial density, with an estimated completion value of $15 billion.
About Marlin Spring
Marlin Spring acquires, develops, constructs and strategically repositions and manages residential assets throughout North America. To date, Marlin Spring has acquired over 30 residential projects and over 8,000 residential units in various stages of development, construction, and repositioning across Canada and the United States. The firm's real estate portfolio totals over 8 million square feet of residential density with an estimated completion value of over $4 billion.
Forward-Looking Information
This news release contains forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties, which could cause actual results to differ from those contemplated or implied by such forward-looking statements. Greybrook is under no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.
For further information regarding Greybrook Realty Partners:
Sarah Mansour, Executive Director, Strategy & Corporate Development
E: sarah.mansour@greybrook.com
T: 416.322.9700 x551
Follow Greybrook on LinkedIn: https://www.linkedin.com/company/greybrook-realty-partners/
Follow @GreybrookRealty on Twitter: http://twitter.com/greybrookrealty
Read the Greybrook blog: http://greybrook.com/realty/blog/
For further information regarding Marlin Spring:
Rivki Mandelbaum, Director, Corporate Strategy & Communication
E: rmandelbaum@marlinspring.com
T: 416.619.3550 x346
or
David Eisenstadt
tcgpr
E: deisenstadt@tcgpr.com
C: 416-561-5751
O: 416-696-9900 x36
TF: 1-800-267-4476 x36
Follow Marlin Spring on LinkedIn: https://www.linkedin.com/company/marlinspringinvestments/
http://marlinspring.com