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Montreal real estate: Dozens of apartment buildings sold in $300M deal | Montreal Gazette

Montreal real estate: Dozens of apartment buildings sold in $300M deal | Montreal Gazette

Editor’s note: Please see the correction appended to the bottom of this story.

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Montreal real estate: Dozens of apartment buildings sold in $300M deal Back to video

More than 2,000 Montrealers just got a new landlord, following a $300-million real estate deal stickhandled by hockey player-turned-realtor Joe Rullier.

For Rullier, vice-president of Colliers International, it’s a sign 2021 could be yet another record-breaking year in real estate — especially if pent-up demand leads to an end-of-pandemic rush to buy.

Rullier predicts Montreal market valuations could even start to close the gap with the sky-high prices of Toronto and Vancouver.

Rullier is a former pro hockey player who was drafted by the Los Angeles Kings and played in the American (AHL) and European hockey leagues. He first got into real estate at 19, when he used the money from his first hockey contract bonus to buy a Montreal apartment building he still owns today.

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Because many of the buildings are in need of maintenance, repair or upgrades, the new buyers were able to purchase the lot for just $135,000 per door.

“It’s a good purchase, and there’s a ton of upside to it,” Rullier said. “It’s a portfolio that needed a lot of capital to be injected in the next couple of years, but over time they will do very well.”

In the short term, the change of ownership will have little effect on the tenants of these complexes, Rullier said, but over time the new buyers intend to upgrade the buildings and will gradually raise the rent.

The deal marks RAAMCO’s exit from the Quebec market after three decades of building its real estate portfolio.

For longtime investors like this, it’s a great time to sell and cash in, Rullier said, because there’s a lineup of investment groups eager to buy.

This content was originally published here.

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Uncategorized
Montreal real estate: Dozens of apartment buildings sold in $300M deal | Montreal Gazette

Montreal real estate: Dozens of apartment buildings sold in $300M deal | Montreal Gazette

Editor’s note: Please see the correction appended to the bottom of this story.

We apologize, but this video has failed to load.
Montreal real estate: Dozens of apartment buildings sold in $300M deal Back to video

More than 2,000 Montrealers just got a new landlord, following a $300-million real estate deal stickhandled by hockey player-turned-realtor Joe Rullier.

For Rullier, vice-president of Colliers International, it’s a sign 2021 could be yet another record-breaking year in real estate — especially if pent-up demand leads to an end-of-pandemic rush to buy.

Rullier predicts Montreal market valuations could even start to close the gap with the sky-high prices of Toronto and Vancouver.

Rullier is a former pro hockey player who was drafted by the Los Angeles Kings and played in the American (AHL) and European hockey leagues. He first got into real estate at 19, when he used the money from his first hockey contract bonus to buy a Montreal apartment building he still owns today.

Article content continued

Because many of the buildings are in need of maintenance, repair or upgrades, the new buyers were able to purchase the lot for just $135,000 per door.

“It’s a good purchase, and there’s a ton of upside to it,” Rullier said. “It’s a portfolio that needed a lot of capital to be injected in the next couple of years, but over time they will do very well.”

In the short term, the change of ownership will have little effect on the tenants of these complexes, Rullier said, but over time the new buyers intend to upgrade the buildings and will gradually raise the rent.

The deal marks RAAMCO’s exit from the Quebec market after three decades of building its real estate portfolio.

For longtime investors like this, it’s a great time to sell and cash in, Rullier said, because there’s a lineup of investment groups eager to buy.

This content was originally published here.

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Your email address will not be published. Required fields are marked *

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