CAPREIT Acquires B.C. Apartment Property
TORONTO, Dec. 19, 2019 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of Redwood Manor in New Westminster, British Columbia. Occupancy for the 48-suite property currently stands at 100%. CAPREIT paid approximately $13.4 million for the property, funded by its Acquisition and Operating credit facility.
The property has been well maintained and has recently undergone extensive renovations and upgrades including new stainless-steel appliances in all suites, double paned windows to reduce energy costs, modernization of its elevator system, exterior paint and parking lot improvements, and numerous common area upgrades. In addition, all suites are individually metered for hydro costs. The property is situated close to the Columbia SkyTrain Station and the Trans-Canada Highway, providing convenient access to downtown Vancouver. Nearby amenities include a farmer’s market, churches, an elementary school and parks.“This acquisition is another example of how our property management and capital improvement programs will add value for our Unitholders. It will be an excellent addition to our growing Greater Vancouver portfolio,” commented Mark Kenney, President and CEO.A Media Snippet accompanying this announcement is available by clicking on the image or link below: