TORONTO,– Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has acquired a brand new, purpose-built luxury rental apartment property in Langley, British Columbia. The building comprises of 98 suites containing a mix of bachelor, one, two, and three-bedroom suites. The luxury property has been professionally designed with high ceilings, condo-standard finishes and state-of-the-art amenities. The building is near transit, shopping, schools, parks and recreation facilities, as well as other CAPREIT properties, adding further size and scale to CAPREIT’s Vancouver regional office. CAPREIT paid $39.0 million for the property, funded by its Acquisition and Operating credit facility, which will subsequently be partially repaid by a CMHC-insured mortgage.
“This acquisition is another example of how we are modernizing our property portfolio with the addition of new and recently constructed properties that offer residents the facilities and amenities driving demand in today’s rental markets,” commented Mark Kenney, President and Chief Executive Officer. “We also continue to evaluate the purchase of older buildings where we can add significant value through our capital investment and proven sales and marketing programs.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 57,476 residential units, comprising 45,800 residential suites and 72 manufactured home communities comprising 11,676 land lease sites located in and near major urban centres across Canada and The Netherlands. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.caprent.com or www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT’s intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.