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.
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.