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InterRent Announces $59 Million Portfolio Acquisition in Montreal and $35.3 Million Portfolio Disposition in Sault Ste. Marie
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About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"InterRent Announces $59 Million Portfolio Acquisition in Montreal and $35.3 Million Portfolio Disposition in Sault Ste. MarieNot for Distribution to United States Newswire Services or for Dissemination in the United States OTTAWA, ON / ACCESSWIRE / January 17, 2019 / InterRent Real Estate Investment Trust (TSX-IIP.UN) (\"InterRent\" or the \"REIT\") announced today that it has entered into an unconditional agreement to acquire a portfolio of 5 properties in Montreal totaling 253 suites for $59,000,000.The 5 properties are located in the sought-after neighbourhoods of Westmount, Hampstead, and Notre-Dame-de-Grâce and are composed of a desirable suite mix featuring 2 bachelor, 100 one-bed, 140 two-bed, and 11 three-bed apartments.The portfolio has undergone capital upgrades including modernized elevators, new boilers, upgraded balconies and high end in-suite finishes. The Westmount properties, located at 4560 Sainte-Catherine St W and 2054 Claremont Avenue, are in close proximity to the new McGill University Health Centre Hospital and the Vendome metro station.The properties are also minutes away from Westmount's main retail node that includes banks, restaurants and grocery stores.The Hampstead properties, 5051 Clanranald Avenue and 5015-5025 Clanranald Avenue, are situated off the popular and retail-oriented Queen Mary Road and within walking distance of McDonald Park.These properties allow for quick access to the Décarie Expressway and the Snowdon metro station which are less than 600 metres away.Finally, 6950 Fielding Avenue in Notre-Dame-de-Grâce is adjacent to the large Loyola Park and located within close proximity of Concordia University's Loyola Campus. This acquisition will bring InterRent's Montreal total to 1,898 apartments and is expected to close mid-February.The purchase will be financed through cash and existing CMHC mortgages. InterRent also announced today that it has sold its portfolio in Sault Ste Marie, Ontario with properties located at 250 Albert St E, 62 & 76 Allard St, 721 & 731 Pine, 602 & 614 MacDonald, 43, 47 & 55 Lewis Road, 136 Cambridge Place, 519 Boundary Road, and 17 Terry Fox Place.The sale of the 7 properties, 349 suites, was for a combined price of $35,300,000.\"This is an exciting opportunity for the REIT as we continue to grow and add scale in one of our core mark...