CAPREIT Acquires Property in Growing Maple Ridge, B.C. Community
TORONTO, Nov. 26, 2020 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has purchased a four-building apartment campus containing 147 suites on 3.15 acres of land in the heart of the Maple Ridge Town Centre, just outside Vancouver, British Columbia. CAPREIT paid $29.2 million for the property, financed by cash.
Queen Anne Apartments is the largest apartment complex in Maple Ridge. This high-growth region is close to highways and transit easily connecting residents to the rest of Greater Vancouver. Amenities include recent upgrades to common areas, hallways and elevators, as well as in-suite features such as individual HVAC systems and open-concept kitchens and large bathrooms. Occupancy currently stands at 99.3%.“Maple Ridge continues to attract residents seeking a high quality of life close to Greater Vancouver,” commented Mark Kenney, President and CEO of CAPREIT. “As one of the largest residential landlords in the region, we will look to generate operating synergies and economies of scale as we integrate this property with our existing Vancouver property management team.”A Media Snippet accompanying this announcement is available by clicking on the image or link below: