CAPREIT Expands Presence in Strong Halifax Market
TORONTO, Aug. 13, 2020 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has purchased a brand new 88-suite apartment property in the West Bedford neighbourhood of Halifax, Nova Scotia. CAPREIT paid $22.4 million for the property, financed by CAPREIT’s cash and cash equivalents invested in short-term investments.
Located close to key amenities including grocery stores, pharmacies, restaurants and banks, “The Sterling” is only 15 minutes from downtown Halifax. It includes 22 one-bedroom and 66 two-bedroom suites with large average suite sizes ranging from 997 square feet to 1,740 square feet, ideally suited for small families. Featuring stainless steel appliances and luxury finishes, each suite is individually metered for power. The building is fully sprinklered and includes an energy efficient heating and cooling system, parking, a furnished lounge on the main floor and a 10,000 square foot outdoor terrace.“We are pleased to be further expanding our presence in the very strong Halifax market with this high-end acquisition,” commented Mark Kenney, President and CEO. “With our recent growth, CAPREIT is now among the largest providers of high-quality rental accommodation in the city, and we look to generate solid economies of scale and operating synergies in the months ahead.”A Media Snippet accompanying this announcement is available by clicking on the image or link below: