Oxford Properties Group has sold a portfolio of 526 apartments in three recently constructed complexes in Québec City to local investor Douville, Moffet et Associés (DMA).
Financial details were not immediately released by broker JLL Capital Markets, which represented the vendor in the transaction.
The properties are:
– L’Aristocrate (2300, 2355, and 2450 de Bilbao St. and 2350 de Bogota St.);
– Villas Cortina (511-513 Louis-XIV Blvd.);
– and Le Domaine des Méandres (8530-8675 du Chevalet St).
The properties are in the heart of Lebourgneuf, Québec City’s fastest-developing neighbourhood and a thriving node.
The three complexes are a mix of 62 one-bedroom, 408 two-bedroom and 56 three-bedroom apartments.
Strong interest in portfolio
“The portfolio garnered interest from a wide variety of investors,” Mark Sinnett, a vice-president with JLL Capital Markets, said in the announcement of the transaction.
“Not only is Québec City considered as one of Canada’s most stable and dynamic economies, the opportunity to seize such a critical mass of institutionally owned properties in a premium location was a no-brainer.”
The properties are well-amenitized, according to JLL, offering residents an attractive value proposition.
L’Aristocrate is a four-property complex featuring condo-style accommodation. Le Domaine des Méandres is a garden-style community featuring wellness amenities.
Villas Cortina offers luxury-style accommodation and finishings.
The portfolio has benefited from its institutional ownership and professional management.
DMA is a Québec City-based company established in the early 1990s by Gilles Douville and Pierre Moffet. It specializes in the acquisition, development, construction, management and ownership of real estate.
DMA is also redeveloping a Quebec site into a 240-unit apartment complex at 2595 chemin des Quatre-Bourgeois in Sainte-Foy. The six-storey building is expected to be complete in 2022
It owns and operates about 1,200 apartments in the Quebec City area.
The JLL Capital Markets team included executive vice-presidents Sinnett, Sebastien Gatti and Michael Betsalel; and managing director and head of capital markets in Canada, Matt Picken.