CAPREIT Expands Presence in Calgary Market
TORONTO, Dec. 12, 2019 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of The Carrington, a 79-suite apartment property located in the Beltline district of downtown Calgary, Alberta. Occupancy for the property currently stands at 100%. CAPREIT paid approximately $19.5 million for the property, funded by its Acquisition and Operating credit facility.
The Carrington offers larger-than-average suites, parking stalls, and storage units, providing an ideal space for families and upscale residents in the prestigious Beltline neighborhood. This attractive property, built in 1999, features average suites at 970 square feet. It contains a mix of spacious one-, two- and three-bedroom suites, all including balconies, kitchen appliances and in-suite laundry. The building is close to Calgary’s downtown core, an elementary school, numerous retail amenities, and is in proximity to public transportation to the city’s Light Rail Transit (LRT) system.“We are pleased to be adding this high-quality property to our portfolio in a well-located area of downtown Calgary,” commented Mark Kenney, President and CEO.A Media Snippet accompanying this announcement is available by clicking on the image or link below: