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CAP REIT Sells Five Assets for $60.8M in Q3

Canadian Apartment REIT sold five assets in the third quarter for $60.8 million.

CAP said in a news release that it disposed of 388 suites spanning five non-core properties and three single-residential suites in Canada and the Netherlands. In the first nine months of 2023, Toronto-based CAP completed $354.5 million (excluding transaction costs and other adjustments) worth of non-core property dispositions. The dispositions total exceeded CAP’s $208.3 million of acquisitions in the same nine-month period.

The acquisitions were new construction projects in strong-performing, high-growth markets, said CAP President and CEO Mark Kenney in the news release.

In August, CAP sold two Montreal apartment buildings for $45.1 million


Inside The Story

CAP REITMark Kenney

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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