Canadian REIT buys 19 apartment complexes for $178m
Canadian Apartment Properties REIT has purchased 19 apartment properties in Toronto and British Columbia for $177.67 million.
In British Columbia, CAPREIT has completed the acquisition of a portfolio of 18 apartment complexes for $129.4 million from Western Income Property. The portfolio totals 920 units, and properties are located in Burnaby, Langley, New Westminster, Port Moody, Surrey and Vancouver. The assets were valued at between $3.5 million and $15.3 million. The largest and highest-priced apartment completed was the 110-unit Grosvenor Square in Surrey.
And in Toronto, CAPREIT paid $48.26 million for a 33.33 percent stake in the 506-unit King High Line Apartments. The seller was First Capital Realty.
CAPREIT owns interests in 42,956 residential units, comprising 36,671 apartments and 30 manufactured home communities including 6,285 land-lease sites located in and near major urban centers across Canada.