Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has acquired two apartment properties in Calgary totaling 405 residential suites for approximately $68.4 million.
The first property is a high rise mid-tier building with 152 well-appointed one and two-bedroom suites in downtown Calgary. The second property is a low rise mid-tier three-storey building comprised of 253 one-, two- and three-bedroom apartments, many with fenced yards located in NE Calgary. Both properties are close to public transportation and key amenities.
“We are pleased to be expanding our presence in the strong downtown Calgary market,” commented Thomas Schwartz, president and CEO. “We are confident the addition of these two high-quality properties to our growing Western Canadian portfolio will generate increased cash flows as they benefit from our regional management infrastructure and our proven property management programs.”