Canadian Apartment Properties Real Estate Investment Trust bought six rental properties across the country for $292.5 million as it overhauls its real estate portfolio.
CAPREIT said the purchases increase its total acquisition volume this year to $659 million. The apartment complexes are located across the country, from Laval to Vancouver.
The deals are in "highly strategic, primely located assets, which come with low capital requirements and strong return profiles,” CAPREIT President and CEO Mark Kenney said in a statement. “We’re also continuing to purchase our recently constructed buildings at appealing pricing per square foot compared to replacement cost. This ongoing transformation is further strengthening the quality and cash flow performance of our irreplaceable rental apartment portfolio in Canada.”
CAPREIT has been making a concerted effort to sell older properties and focus on new apartment complexes "to upgrade the quality and enhance the diversification of our core platform in Canada," Kenney said earlier this year.
The Toronot-based, publicly traded REIT said the six properties it acquired since Nov. 6 are:
- Market Apartments, 3440 and 3460 Saint-Elzéar Boulevard West in Laval;
- Madison Manor at 1251, 1261, 1271, 1281 and 1291 McEachern Drive, Regina;
- Sky Pointe 5960 Little Pine Loop in Regina;
- Nell’s Place, 4502 Rupert Street, Vancouver;
- Arla Manor, 1016 E 8th Ave, Vancouver;
- Terrace Green, 180 Croft Street, Victoria; and
- Glencairn Apartments, 477 Superior, Victoria.