Canadian real estate investment and development company Greybrook Realty Partners and rival Marlin Spring Investments have closed on the purchase of a portfolio of rental properties in the Province of Québec for $117.5 million.
Under the terms of the deal, Greybrook and Marlin Spring have acquired eight apartment buildings in Montréal, two apartment buildings and a townhouse complex in Québec City.
Greybrook and Marlin Spring Investments will execute the value-add program which involves renovating rental suites, improving common areas and increasing building efficiencies for 450 rental units in Montréal and 217 rental units in Québec City.
With the acquisition, both companies have increased their asset management to over 1,200 units.