TORONTO, Sept. 07, 2021 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the purchase of a portfolio of four brand new low rise apartment buildings in West Kelowna, British Columbia totaling 193 suites. The property, completed in 2021, was acquired for $63.3 million, funded from CAPREIT’s Acquisition and Operating Facility. Occupancy was 97.9% at closing.
The property consists of three six-storey buildings and one three-storey building located close to the Okanagan Highway with immediate connection to downtown Kelowna, parks, schools, restaurants and the Westbank Shopping Centre. Each spacious suite includes air conditioning, laundry facilities, stainless steel appliances, quartz countertops and premium quality finishes throughout. Amenities in the properties include a business centre, fitness centre, community lounges and games rooms, rooftop patios, a theatre and extensive landscaping and lawns for residents’ use. In keeping with CAPREIT’s focus on reducing its environmental footprint, the property currently has ten EV charging stations for residents.
“The Okanagan Valley and Kelowna remain a key retirement destination, and this brand-new apartment portfolio of high quality, spacious and luxury suites continues to be in high demand,” commented Mark Kenney, President and CEO. “This acquisition also fits with a key element of our asset allocation strategy to acquire modern, recently constructed properties with low capital investment needs and the features and amenities demanded by today’s discerning market.”
CAPREIT is Canada’s largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 69,800 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, in the Netherlands and Ireland. CAPREIT has approximately $18 billion of assets under management globally. For more information about CAPREIT, its business and its investment highlights, please visit 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.
For more information, please contact:
Mr. Michael Stein
Mr. Mark Kenney
President & CEO
Mr. Scott Cryer
Chief Financial Officer