Mr. Michael McNamara reports
MANULIFE INVESTMENT MANAGEMENT ANNOUNCES ACQUISITION OF UPSCALE MULTIFAMILY PROPERTY IN MONTREAL FOR $105 MILLION
Manulife Financial Corp.'s Manulife Investment Management has acquired phases 3 and 4 of EQ8 LaSalle for $105-million.
The two newly constructed multifamily buildings stand at 16 storeys and encompass a total of 300 units. Catering to young professionals and families, EQ8 features an attractive suite mix of 32 per cent one-bedroom units, 48 per cent two-bedroom units and 20 per cent three-bedroom units. Suite sizes range from 500 square feet to 1,350 square feet and are accompanied by an attractive mix of amenities and high-end finishes.
The property is ideally located in Montreal's borough of LaSalle, situated on the southwestern portion of the city. Acting as a major industrial and commercial hub, LaSalle is equidistance from downtown Montreal and Trudeau International Airport. The borough is also proximate to many amenities renters are looking for. Residents of the area benefit from access to 2.3 million square feet of retail, including two large retail centres adjacent to the property, as well as immediate access to public transit and main arterial highways.
"The city of Montreal's economic story is positive," commented Michael McNamara, head of real estate investments, Manulife Investment Management. "Infrastructure investments, a tightening labour market and government support for technology have all contributed to economic advancement and, ultimately, a market we're looking to expand in."
EQ8 was completed in January, 2020, and is currently fully leased.
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