Quebec
Canada CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CAP REIT Sells Two Montreal Apartment Assets
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.
- ◦Lease
- ◦Sale/Acquisition
