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Canada  + Alberta & Prairies  + Maritimes  + Pacific Canada  + Quebec  + Apartments  | 
Canadian Apartment REIT has traded five multi-family properties across Canada in recent months.

CAP Completes $700M in Canadian Capital Reallocations

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

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Julian SchonfeldtCAPREIT

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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