Globe Capital Management is pleased to announce its most recent acquisition of a 90-unit apartment building for $17.5 million in the borough of Saint-Laurent in Montreal, Quebec. Built in 1977, this six-storey property is just the latest in a growing portfolio of assets for Globe in the Montreal area.
Located at 2705 Rue Modugno, the apartment is situated in the Saint-Laurent borough at the heart of the Island of Montreal. This district is notable as a strong economic driver, with 5,000 companies and commercial establishments within its borders. Not only is it the second largest employment centre in the metropolitan area, it also has the largest technology park in all of Canada.
Globe Capital Management has a long history of making solid investments in properties that enhance and contribute to the local community and economy. Saint-Laurent is a growing neighbourhood, enjoying a 10% increase in population compared with 2% for the entire metropolitan area thanks to immigration and its cosmopolitan roots (2021 census). Additionally, with two colleges in the area, 13,000 students inject a youthful vibrancy to the neighbourhood.
“The Modungo apartment complex is our 12th acquisition in Montreal, and we are proud to deepen our investment in this great city,” says Richard Morantz, President and CEO of Globe Capital Management. “This property represents an opportunity for renewal and will see Globe invest an additional $3 million in renovations. This upgrade serves to take a well-built property and turn it into a jewel of the neighborhood.”
The addition of the Modugno apartments brings Globe’s Montreal holdings to over 1,500 suites, representing 20% of its holdings. Globe Capital Management is a real estate acquisition and development company with over $1.8 billion of assets under its administration. The company is proudly headquartered in Winnipeg, Manitoba.