Canadian Apartment Properties REIT has completed the acquisition and divestment of four assets located across Canada.

The transactions have a total combined value of $194 million, said the Toronto-based REIT.

CAPREIT acquired two apartment buildings located in Edmonton and Vancouver, respectively. The divestments involved non-core multi-family rental assets in the Toronto suburb of Brampton, Ont., and Charlottetown, P.E.I.

The Brampton sale included 242 residential suites for $73.8 million, with proceeds used in part to repay an outstanding $31.7-million mortgage. The Charlottetown portion comprised a 138-unit portfolio that sold for $23 million.

Simultaneously, CAPREIT expanded its presence in Western Canada with the purchase of the Edmonton and Vancouver rental properties.

The 41-suite Vancouver acquisition comprises a 41-suite rental building that was constructed in 2015. CAPREIT purchased 43Twenty property located in east Vancouver for $18.2 million. The deal was partially financed by CAPREIT’s assumption of $5.5 million in mortgage debt at an interest rate of 2.3% with one year remaining.

The Edmonton acquisition comprises a 27-storey, 240-suite rental tower in Edmonton’s Wîhkwêntôwin (formerly Oliver) district. CAPREIT purchased the site for $79.4 million.

The property, known as the McLaren, was built in 2019 and features modern amenities. It located near public transit, downtown Edmonton, and Rogers Place arena, the home of the National Hockey League’s Edmonton Oilers.

“We’re kicking off the new year on an exciting note with these strategic transactions, through which we’re continuing to upgrade the quality, and enhance the diversification, of our core platform in Canada,” said Mark Kenney, president and CEO of CAPREIT.

“These recently constructed, mid-market rental properties fit perfectly into our target portfolio positioning, and we’re acquiring them at an age where they provide an ideal balance of embedded value and growth potential. We’re equally pleased to be able to keep playing our part in supporting the Canadian housing ecosystem, through the investment of our capital into newer purpose-built rental properties, and we’re looking forward to doing more of this in 2025.”

Julian Schonfeldt, CAPREIT’s chief investment officer, said the two Western Canadian properties boast affordable rents in the high $2-per-square-foot range.

“These transactions demonstrate that we’re able to sell our non-core legacy properties at prices that are at, or above, [International Financial Reporting Standards] fair value, while also purchasing well-located, high-quality buildings at meaningful discounts to replacement cost,” he added.

“Our current capital-reallocation plan remains robust, and we’ll continue to execute on value-enhancing transactions that benefit all of our key stakeholders moving forward.”

The REIT said it also closed on its previously agreed sale of a 717-unit Montreal portfolio for $103.8 million.

CAPREIT remains Canada’s largest publicly traded provider of rental housing, with a portfolio of approximately 48,700 residential suites, townhomes, and manufactured-home community sites across Canada and the Netherlands.

The REIT said it continues to focus on strategic acquisitions and dispositions to enhance portfolio value and optimize asset quality.

Pictured: Vancouver apartment building acquired by CAPREIT.

Photo: CAPREIT