Globe & Mail 07:23 AM EDT, 10/04/2021 (MT Newswires) -- Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) over the weekend announced that it has completed the acquisition of three apartment buildings in Quebec City totalling 260 residential suites. CAPREIT paid $72.8 million for the portfolio. Residential occupancy in the portfolio was 99.6% at closing.
Constructed between 2012 and 2015, these properties overlook the St. Lawrence River and are close to Old Quebec and other tourist and shopping destinations. Including 24 one-bedroom, 115 two-bedroom and 121 three-bedroom apartments, average suite size across the portfolio is 1,260 square feet. The properties are fully sprinklered, and all appliances in the suites are resident-owned, reducing future capital investments on resident turnover. All suites are also sub-metered where residents pay their own utility costs, including water consumption, CAPREIT said.
CAPREIT has also sold 124 Broadway Avenue in mid-town Toronto containing 86 suites, for $52 million. It acquired the operating lease for the property in 2004 and in December 2019 completed the early buyout of the lease to own 100% of the building. The property is being sold to a developer. CAPREIT will provide the purchaser with a vendor takeback mortgage (VTB) for 90% of the purchase price with an annual interest rate of 2.33% due in 24 months from closing, with an option to extend the VTB for an additional year at an interest rate of 4.0%.
CAPREIT has also sold its one-third managing interest in King's Club, at 1100 King Street West in downtown Toronto for $90.9 million to Woodbourne, a Canadian developer, operator and investor. CAPREIT will provide a VTB to the purchaser to finance 75% of the purchase price at an annual interest rate of 3.0% due in 36 months from closing.
Price: 58.87, Change: -0.24, Percent Change: