CAPREIT Swings $216M in Transactions
Canadian Apartment REIT has swung $216 million worth of transactions across Canada in early 2024.
The deals include properties in B.C., Ontario, Quebec and Nova Scotia.
“We’re very pleased with the progress we’ve made on the execution of our strategy in the first quarter of 2024, including our initiatives surrounding the resolution of the Canadian housing supply and affordability crises,” said Mark Kenney, the REIT’s president and CEO, in a news release. “These transactions exemplify all facets of that strategy in action.”
This week, CAPREIT completed the sale of two rental-apartment properties, a total of 108 suites, in the Vancouver suburb of Langley, B.C. for $35 million. The New Vista Society, a local non-profit organization, purchased the buildings with funding from the B.C. government’s Rental Protection Fund.
In its biggest deal of the bunch, CAPREIT bought two purpose-built apartment buildings, known as Alto Towers, in London, Ont., for $130 million earlier in March. The buildings stand 16 and 17 storeys, were constructed in 2019 and 2021, and contain 291 suites averaging 1,160 square feet.
CAPREIT completed the two acquisitions via debt assumption and cash and $49.1 million in cash from previously announced dispositions. The REIT assumed two existing below-market mortgages with a combined $80.9 million in principal outstanding at a 2.3% blended interest rate. The mortgages have a weighted average term to maturity of two years.
Also this month, CAPREIT completed the disposition of a non-core, 240-unit property in Quebec City for $36.3 million to an unidentified buyer that assumed a mortgage with $21.4 million in principal outstanding. The building was constructed in 1962.
CAPREIT has also sold 32 residential suites in Victoria for $12.3 million. The suites were built in 1969. The REIT has also agreed to sell a 0.3-acre land parcel in Halifax for $2 million and secured right of first offer on a neighbouring apartment property once it is constructed.
Pictured: Alto Towers, London, Ont.
Photo: Courtesy of CAPREIT
- ◦Sale/Acquisition
- ◦Development
