TORONTO, ONTARIO–(Marketwired – April 26, 2016) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of a residential townhome property in Markham, Ontario.
The property contains 71 two, three and four bedroom units located in Markham’s upscale and affluent Bayview Avenue and John Street neighbourhood. Surrounded by multi-million dollar homes, the property is situated in a park-like setting close to public transit, retail amenities and major highways, as well as the popular Centrepoint Mall and York University. The property is close to another CAPREIT asset and will benefit from CAPREIT’s proven property management programs. Built in 1976, the townhome units include hardwood flooring, finished basements, in-suite washers and dryers and new windows. An outdoor in-ground pool is among the property’s many amenities. All units are sub-metered for hydro with residents paying their own hydro costs.
CAPREIT paid approximately $16.4 million for the property, financed with its Acquisition and Operating credit facility.
“We are pleased to be strengthening our GTA portfolio with this high quality townhome property. There is high demand for multi bedroom rental accommodation in the area, and we are confident this high quality townhome community situated in this popular, upscale neighbourhood will generate strong, stable and growing returns in the years ahead,” commented Thomas Schwartz, President and CEO.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 47,559 residential units, comprising 41,260 residential suites and 30 manufactured home communities comprising 6,299 land lease sites located in and near major urban centres across Canada. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.caprent.com or www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT’s intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.
Mr. Michael Stein
Mr. Thomas Schwartz
President & CEO
Mr. Scott Cryer
Chief Financial Officer