LAVAL, QUÉ. – Global commercial real estate adviser Avison Young has announced the sale of phases one, two and three of Central Parc Laval for $249 million.
Sold by the Saroukian Group to Boardwalk REIT, Central Parc is a purpose-built rental community of 541 luxury suites, states a release. The area also includes a shovel-ready development site for two additional towers (419 suites) and future expansion land for yet another. On full build-out the community will total 1,100 suites.
Located just off the Highway 15/440 interchange in the heart of Laval, Central Park is directly adjacent Carrefour Laval. Amenities on the property include a rooftop infinity pool, sky lounge, cinema room, fitness facility, putting greens and a one-acre private park.
“This benchmark transaction underscores the growing trend of institutional investors infusing capital into new purpose-built rental developments – a clear vote of confidence in the long-term fundamentals of Québec’s multifamily market,” the release adds. “It further speaks to the continued market resilience. Even as capital markets transition, quality, scale, and competitive financing continue to draw strong investor interest.”
