CAPREIT Acquires 770-Suite Portfolio in Victoria, Toronto and Montreal and Sells 604 GTA Suites

Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) announced that it had acquired a portfolio of ten multi-residential buildings totaling 770 suites and 52,000 square feet of fully-leased commercial space in British Columbia, Toronto and Montréal. CAPREIT paid approximately $153.2 million for the portfolio satisfied by the assumption of existing mortgage debt of $9.5 million with a weighted average interest rate of 3.62%, $50 million in short-term conventional financing and the balance in cash from CAPREIT's Acquisition and Operating credit facility.
 
The British Columbia portfolio consists of five buildings in Victoria and Saanich totaling 365 apartment suites and includes James Bay Square, one of the city's most sought-after locations surrounded by parks and conveniently close to seaplane and ferry terminals for commuters. The property includes an indoor pool, fitness facilities, sauna and laundry facilities on every floor, and is situated close to trendy restaurants, bistros and cafes. The four buildings in Toronto aggregate 260 apartment suites clustered on the northeast corner of Wilson Avenue and Avenue Road close to the 401 Highway, public transportation, shops, restaurants, schools and parks. The 145-suite Montreal property is situated downtown on Sherbrooke Street East adjacent to Parc Lafontaine and close to schools and public transit. The building includes an indoor pool and an updated security system.
 
"Following record growth in 2012, with these acquisitions we have purchased 1,543 apartment suites so far this year, already achieving our normal acquisition target," commented Thomas Schwartz, President and CEO. "These new properties further strengthen and diversify our nationwide portfolio and will make a solid and accretive contribution to our cash flows in the quarters ahead."
 
CAPREIT also announced that it had sold two Mississauga properties and three Toronto buildings aggregating 604 suites. The sale price was approximately $94.3 million and includes the assumption by the purchaser of approximately $34.8 million in mortgage debt.

on August 28, 2013