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Olympic Village goes on the market again

Olympic Village goes on the market again

 

Montreal&#8217;s Olympic Village is up for sale, La Presse reported Monday.
 

Montreal’s Olympic Village is up for sale, La Presse reported Monday.

MONTREAL - Montreal’s Olympic Village – a sprawling complex with 980 rental units – is up for sale, La Presse reported Monday.

It’s the second time owner El-Ad Canada has put the complex on the block in recent years, but real estate observers say the timing is far better today than when it briefly hit the market in 2009.

With their stable returns, demand for rental buildings has soared in major Canadian cities, generating record-breaking sales figures. Last July, the new residential real-estate division of the Caisse de dépôt et placement du Québec made its first investment, purchasing the 1,000-unit Rockhill complex in Montreal for $160 million.

Real estate sources cautioned against comparing that price tag with the Olympic Village, which is located farther east and has about 200,000 square feet of office and commercial space.

El-Ad couldn’t be reached for comment as of Monday evening.