Vida has acquired 111 apartment units spanning six properties in Charlottetown from CAPREIT.

The acquisition is the first step in a long-term commitment to help solve Prince Edwlard Island’s affordability challenge by delivering low-cost rental accommodation, Vida said in a news release.

“We understand P.E.I.’s challenging regulatory environment—our strategy is to work closely with the Government of Prince Edward Island to manage the high costs of responsible ownership that are obstacles to long-term affordability,” said Hugh Godday, Vida’s chief growth officer.

Halifax-based Vida has also invested in multi-family properties in Nova Scotia, New Brunswick and Manitoba, according to the company’s website. Vida recently acquired 205 units across 20 properties in Saint John, N.B.

Toronto’s based CAP’s disposition continues a sell-off of non-core assets. The REIT sold three Charlottetown apartments in August for $14.2 million.

CAP also announced that it has agreed to sell an unencumbered 263-unit property in Calgary for $53.9 million.

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