Cassels Brock Acts for True North Apartment Real Estate Investment Trust in its $121 Million Acquisition of a Residential Property Portfolio in Montreal, Quebec

Published: 07/27/2012

By Jonathan Freeman, Tom Koutoulakis, Philip Long, David A. Redmond, Lawrence D. Wilder

On July 17, 2012, True North Apartment Real Estate Investment Trust (the “REIT”) closed its acquisition of a portfolio of residential properties located in the borough of Saint-Laurent, Montreal, Quebec.  The portfolio, which is comprised of 127 buildings, containing 1,528 residential suites, was purchased for approximately $121 million with an implied capitalization rate of 7%.  The purchase price was satisfied by a combination of approximately $37 million in cash, the assumption of approximately $58 million in aggregate principal amount of CMHC insured mortgage debt and approximately $26 million aggregate principal amount of vendor take-back mortgage debt.

Cassels Brock Acted for the REIT with a team that included David Redmond (Real Estate), Tom Koutoulakis (Securities), Lawrence Wilder (Securities), Philip Long (Securities) and Jonathan Freeman (Real Estate).