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 complex in Victoria, British Columbia consisting of a six-storey 65-suite building and seven townhomes. Located in the affluent View Royal neighbourhood, the mix of one, two and three-bedroom suites are all professionally designed with high ceilings, air conditioning and stainless steel appliances. The property is walking distance to Thetis Lake, a popular hiking and biking area, and close to transit, highways, shopping, a recreational centre, hospital and schools. Occupancy for the property currently stands at 97.2%. CAPREIT paid $26.5 million for the property, funded by its Acquisition and Operating credit facility. CAPREIT intends to secure a mortgage of $18.4 million with a rate of approximately 2.45% and a term of 10.0 years in the upcoming weeks.
“We continue to add brand new, modern properties to our portfolio with the aim of modernizing and further diversifying our asset base while providing the suites, features and amenities that attract the best quality residents,” commented Mark Kenney, President and Chief Executive Officer.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 57,378 residential units, comprising 45,702 residential suites and 72 manufactured home communities comprising 11,676 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.
For more information, please contact:
Mr. Michael Stein
Mr. Mark Kenney
President & CEO
Mr. Scott Cryer
Chief Financial Officer