Toronto, September 7, 2021 (GLOBE NEWSWIRE) — Canadian Apartment Real Estate Real Estate Investment Trusts (“CAPREIT”) (TSX: CAR.UN) today announced that it has completed the purchase of a portfolio of four brand new low-rise apartments. bottom. A total of 193 suites in West Kelowna, British Columbia. Completed in 2021, the property was acquired for $ 63.3 million, funded by the acquisition and operating facilities of CAPERIT. The market share at the time of closing was 97.9%.
The property consists of three 6-story buildings and one 3-story building located near the Okanagan Highway, which is directly connected to downtown Kelowna, parks, schools, restaurants and Westbank Shopping Center. increase. Each spacious suite features air conditioning, laundry facilities, stainless steel appliances and a quartz countertop with a high quality finish throughout. Accommodation facilities include a business center, fitness center, community lounge and games room, rooftop patio, theater, and expansive landscaping and lawn for residents. Given that CAPREIT’s focus is on reducing its environmental footprint, the property currently has 10 EV charging stations for residents.
“Okanagan Valley and Kelowna remain important retirement destinations, and this brand new apartment portfolio of high-quality, spacious and luxurious suites continues to be in high demand,” said Mark Kenny, President and CEO. Did. “This acquisition is an important asset allocation strategy for acquiring recently constructed modern real estate with low capital investment and the features and equipment required in today’s discerning market. It also fits the element. “
CAPREIT is Canada’s largest IPO provider of high quality rental housing. CAPREIT currently owns or owns approximately 69,800 residential apartment suites, town homes and manufactured residential community sites located throughout Canada, the Netherlands and Ireland. CAPREIT manages approximately $ 18 billion in assets worldwide. For more information on CAPREIT, its business and investment highlights, please visit our website at www.caprent.com or www.capreit.net and the public information on our profile (www.sedar.com).
Precautions regarding forward-looking statements
All statements in this press release, unrelated to historical facts, constitute forward-looking statements. These statements represent CAPLEIT’s intentions, plans, expectations and beliefs and the impact of certain risks and uncertainties that may have actual consequences that differ materially from those forward-looking statements. receive. These risks and uncertainties are detailed in the regulatory filings available at SEDAR at www.sedar.com.
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President and CEO
CAPREIT expands its presence in the strong British Columbia market
https://financialpost.com/globe-newswire/capreit-expands-presence-in-strong-british-columbia-market CAPREIT expands its presence in the strong British Columbia market