TORONTO, Dec. 12, 2019 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (âCAPREITâ) (TSX:CAR.UN) announced today that it has completed the acquisition of The Carrington, a 79-suite apartment property located in the Beltline district of downtown Calgary, Alberta. Occupancy for the property currently stands at 100%. CAPREIT paid approximately $19.5 million for the property, funded by its Acquisition and Operating credit facility.
The Carrington offers larger-than-average suites, parking stalls, and storage units, providing an ideal space for families and upscale residents in the prestigious Beltline neighborhood. This attractive property, built in 1999, features average suites at 970 square feet. It contains a mix of spacious one-, two- and three-bedroom suites, all including balconies, kitchen appliances and in-suite laundry. The building is close to Calgaryâs downtown core, an elementary school, numerous retail amenities, and is in proximity to public transportation to the cityâs Light Rail Transit (LRT) system.
âWe are pleased to be adding this high-quality property to our portfolio in a well-located area of downtown Calgary,â commented Mark Kenney, President and CEO.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Canadian Apartment Properties REIT (âCAPREITâ) is one of Canadaâs largest real estate investment trusts managing approximately 64,000 residential rental apartment and townhouse suites and manufactured home community sites in major urban centres across Canada, the Netherlands, and Ireland. 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 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.
For more information, please contact:
Mr. Michael Stein
Mr. Mark Kenney
President & CEO
Mr. Scott Cryer
Chief Financial Officer