Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has acquired a portfolio of 10 multi-residential buildings totaling 770 suites and 52,000 square feet of fully-leased commercial space in British Columbia, Toronto and Montréal, and paid approximately $153.2 million for the portfolio.
The British Columbia portfolio consists of five buildings in Victoria and Saanich totaling 365 apartment suites and includes James Bay Square, a property that includes an indoor pool, fitness facilities, sauna and laundry facilities on every floor, and is situated close to seaplane and ferry terminals for commuters. The four buildings in Toronto aggregate 260 apartment suites clustered on the northeast corner of Wilson Avenue and Avenue Road close to the 401 Highway.. The 145-suite Montreal property is situated downtown on Sherbrooke Street East adjacent to Parc Lafontaine.
“Following record growth in 2012, with these acquisitions we have purchased 1,543 apartment suites so far this year, already achieving our normal acquisition target,” commented Thomas Schwartz, president and CEO. CAPREIT also announced that it had sold two Mississauga properties and three Toronto buildings aggregating 604 suites. The sale price was approximately $94.3 million and includes the assumption by the purchaser of approximately $34.8 million in mortgage debt.