A major residential real estate investment trust has announced its further expansion in Western Ontario and PEI.
Earlier this week, Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) stated that it has completed the acquisition of a portfolio featuring a total of 553 residential suites from two apartment complexes in London, Ontario and one apartment complex in Sarnia, Ontario.
The deal was valued at $68.8 million. The transaction will be funded by CAPREIT’s credit facility, which will subsequently be partially repaid by new CMHC-insured mortgages.
“We are pleased to be expanding our presence in Western Ontario, a highly stable market with continuing strong demand for quality rental accommodation. We are also confident we can add significant value to these assets through our proven property management and capital investment programs,” president and CEO Mark Kenney said.
Along this, CAPREIT also announced the acquisition of a newly built four-storey apartment complex in Charlottetown, PEI. The building offers 42 high-end suites, and was valued at $7.2 million.
“The Charlottetown purchase is another example of how we are modernizing our overall portfolio with the acquisition of new and recently built properties that meet the demands of today’s resident while reducing our future overall capital expenditures,” Kenney added.