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MONTREAL-Philadelphia-based equity investor Lubert Adler Real Estate Funds has sold the Château Royal here to locally headquartered private investor Cromwell Management, which plans to convert the 124-room property into rental apartments. The property is believed to have changed hands for around $15 million.

The all-suite property is located Downtown at 1420 Crescent St. The immediate area is a prime location for restaurants, bars and clubs and is a popular destination for tourists and residents. The unit mix includes studio, one-bedroom and two-bedroom suites, each with its own fully equipped kitchenette.

“Château Royal will be the first building in Downtown Montréal to be converted to rental apartments in many years,” says Alexandra Faciu from Jones Lang LaSalle Hotels’ Montréal office, who brokered the sale with New York-based executive Alan Tantlef. “This should bring some relief to a very tight rental market and more alternatives to residential users.”

In February, when the property came to market, Tantleff told GlobeSt.com that Lubert-Adler is selling the property in order to capitalize on improving residential and hotel fundamentals. The property is under performing as a hotel but has great potential because of its size and location. “You would not be able to build anything of this density or height today,” Tantleff said.

There was no asking price on the property. Local brokers familiar with the property told GlobeSt.com in February that it should fetch between $15 million and $18 million, which translates to between $121,000 and $125,000 per door, and a source familiar with the transaction tells GlobeSt.com the price was definitely within that range.

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