CAPREIT Strengthens Presence in Prince Edward Island
TORONTO, Oct. 15, 2019 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of a four-storey waterfront apartment property in Summerside, Prince Edward Island. Occupancy for the property currently stands at 100%. CAPREIT paid approximately $11.6 million for the property, funded by its Acquisition and Operating credit facility.
Constructed in 2017 and fully leased in 2018, “The Tides” contains 64 luxury, professionally-designed suites each featuring stainless steel appliances, a washer / dryer and a patio. Located on the shores of the Northumberland Strait and close to other CAPREIT assets, the property is within walking distance of downtown Summerside’s grocery stores, shops and restaurants, and next to a boardwalk connecting the property to the water and a bike path. “This acquisition enhances our presence in the strong PEI market, and is another example of how we are strengthening and modernizing our overall property portfolio with the purchase of newer and more attractive properties demanded by today’s tenants,” commented Mark Kenney, President and CEO.A Media Snippet accompanying this announcement is available by clicking on the image or link below: