TORONTO, ONTARIO--(Marketwired - Dec. 17, 2015) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has completed the acquisition of a portfolio of four apartment properties well located in Victoria, British Columbia totaling 169 suites. The purchase price (excluding transaction costs) of approximately $29.0 million was funded by the assumption of a $3.0 million mortgage maturing in February 2020 with an effective interest rate of 1.8%, with the balance in cash from CAPREIT's Acquisition and Operating credit facility.
The four properties contain a mix of bachelor, one and two bedroom suites, with most undergoing recent renovations to include stainless steel appliances, upgraded kitchens, bathrooms and flooring, as well as new windows and sliding glass doors. Renovations have also been completed on common areas, and all buildings include laundry rooms as well as other amenities. Occupancy in the portfolio stood at 100% at closing.
"Victoria remains one of Canada's strongest rental markets with solid demand and little new supply. We are pleased to be increasing our presence in this vibrant and stable market," commented Thomas Schwartz, President and CEO. "Importantly, the newly acquired buildings are located in close proximity to our existing Victoria portfolio, ensuring we continue to capitalize on economies of scale as we integrate the new properties into our proven management systems."
ABOUT CAPREIT
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 46,788 residential units, comprising 40,501 residential suites and 30 manufactured home communities comprising 6,287 land lease sites located in and near major urban centres across Canada. 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.