Canadian Apartment Properties REIT has purchased six new buildings across the country for $387.4 million.

The Toronto-based REIT said it completed the purchases in the second quarter. The assets are located in Halifax (one), Edmonton (one), Ottawa (two) and Metro Vancouver (two.)

Also during the second quarter, CAPREIT sold two Vancouver-area assets, and agreed to sell a Toronto building, for a total of $89.3 million.

Altogether, the nine deals amount to $476.7 million.

“We’re excited about the ground we’ve covered on our high-grading strategy since our last update, with nearly $500 million in additional Canadian apartment transactions, and we still have significant runway left in the year,” said Mark Kenney, the REIT’s president and CEO, in a news release.

The buyers of the disposed properties are not-for-profit organizations.

“We’re also proud to be participating in the preservation of affordable housing in Canada by transferring more of our regulated properties into the hands of non-profit organizations, that can maintain the affordability of these older homes for substantially less than the cost of building new,:” said Kenney.

The sale of the Toronto building is slated to close by August 7.

Pictured: New Ottawa apartment complex acquired by CAPREIT.

Photo: CAPREIT