TORONTO, ONTARIO–(Marketwired – June 1, 2017) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of Brookside Gardens, a 44 unit townhouse complex in Maple Ridge, BC in the northeastern section of Metro Vancouver. Situated in a park-like setting with well-landscaped grounds, each spacious two-storey townhome features three bedrooms, a fenced-in back yard and covered parking. CAPREIT paid $10.9 million for the property, financed with an assumption of an existing $3.71 million mortgage maturing on October 1, 2020 bearing an interest rate of 1.94% and remaining with its Acquisition and Operating credit facility.
“We are pleased to complete this acquisition in the strong British Columbia market,” commented Thomas Schwartz, President and CEO. “The addition of this property demonstrates our commitment to diversifying our portfolio to reduce risk and strengthening our presence across Canada’s strongest rental markets.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 49,073 residential units, comprising 42,622 residential suites and 31 manufactured home communities comprising 6,451 land lease sites located in and near major urban centres across Canada and The Netherlands. 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