CAP REIT has divested two Montreal apartment properties for a total of $45.1 million.

The apartment REIT said in a news release that it completed the transactions in August. A 180-unit property built in 1977 sold for $32.5 million. Meanwhile, a 73-suite property constructed in 1974 was purchased for $12.6.

Toronto-based CAP did not say to whom it sold the buildings. The REIT used part of the sale proceeds to repay $13.6 million in outstanding mortgage principal.

The two Montreal properties were among six Canadian non-core assets that CAP has sold for a total of $121.4 million since its previous transaction update in June.

CAP also announced that it has agreed to sell an unencumbered 263-unit property in Calgary for $53.9 million. CAP said the buyer has waived conditions and the deal is expected to close in the fourth quarter of 2023.

The buyer has been identified as Vancouver-based commercial real estate investor Wendy Cheung.