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Laval’s Domaine Bellerive is latest Quebec megadeal

Laval’s Domaine Bellerive is latest Quebec megadeal

MONTREAL - Yet another deal involving the sale of a large multi-residential building:

Highly coveted by investors as a stable asset during a time of economic turmoil, multi-residential properties are in demand – when they're available.

This month, the Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) announced it acquired Le Domaine Bellerive in Laval from Chartwell REIT for $70 million. The sprawling apartment complex has 811 units in three towers and more than 6,000 square feet of ground-floor commercial space.

CB Richard Ellis brokered the deal.

Originally Chartwell intended to convert the buildings into a seniors' home. But the many elderly residents living in the complex are autonomous and didn't need the assisted-living services provided in a seniors' home.

It's the third multi-residential "megadeal" or transaction worth $50 million or more in Quebec in 2011.

In July, a division of Ivanhoe Cambridge Group, the real estate subsidiary of the Caisse de dépôt et placement du Québec, acquired the 1,000-unit Rockhill apartments in Montreal for about $150 million, while in May Transglobe REIT purchased the 819-suite Samuel Holland in Quebec City for almost $99 million.