CAPREIT Continues to Modernize Property Portfolio

CAPREIT Continues to Modernize Property Portfolio

TORONTO, March 05, 2020 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has purchased a brand-new 16-storey apartment building containing 112 suites well-located in the Greater Montreal Area municipality of Brossard Quebec. CAPREIT paid $43.5 million for the property financed in cash from its Acquisition and Operating credit facility. Occupancy at closing was 96.4%.Constructed in May 2019, this modern and stylish apartment property includes condo-like features and amenities including plank flooring, quartz countertops and energy efficient stainless-steel appliances in all suites. Containing a range of one- two- and three-bedroom suites, all are individually metered for hydro. Amenities include a roof-top terrace, fully equipped gym and multiple common areas and social rooms. It is situated on the shore of the St. Lawrence River close to the Quarter DIX30 Lifestyle Centre, Canada’s second largest shopping destination, and near highways, metro train stations and the new Samuel de Champlain Bridge for easy access to downtown Montreal.“Adding newer and more modern properties to our portfolio remains a key focus of our growth strategy,” commented Mark Kenney, President and CEO. “These properties generate higher rents, attract stronger residents, require much less capital spending, and serve to further strengthen and diversify our overall portfolio. Looking ahead we will continue to focus on purchasing newer properties that enhance our asset base.”A Media Snippet accompanying this announcement is available by clicking on the image or link below:
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