Canadian Apartment REIT has traded five multi-family properties across Canada in recent months.

CAP announced that it bought two B.C. apartment properties for $90.5 million altogether and closed on $64.2 million in dispositions. The deals bring CAP’s total 2023 capital reallocation activity above $700 million worth of Canadian properties.

The REIT purchased a new 12-storey, 114-unit concrete purpose-built rental apartment building in Vancouver for $68 million. The building includes 5,000 square feet of ground-level retail space. After being adjusted for the retail component, the purchase price was approximately $550,000 per unit.

CAP also bought a new 48-unit apartment building in the Victoria suburb of Esquimalt, B.C., for $22.5 million.

Meanwhile, the REIT sold a new 263-unit Calgary apartment building for $53.9 million, a 21-suite property in Charlottetown, P.E.I., for $1.7 million and a Quebec City asset for $2.5 million.

Julian Schonfeldt, Toronto-based CAP’s chief investment officer, said the REIT disposed of about $400 million in non-core assets and reinvested approximately $300 million in new purpose-built rental properties.

Photo: Hub Place, Vancouver; courtesy of CAPREIT