Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has acquired a luxury apartment portfolio in Calgary.

The acquisition consists of 114 residential suites and three commercial units spread between three mid-rise buildings. The purchase price for the property was approximately $25.3 million, satisfied by the assumption of existing mortgages of approximately $11.1 million bearing an effective weighted average interest rate at 4.24 per cent and weighted average term to maturity of 1.6 years, with the balance funded from CAPREIT’s acquisition and operating credit facility.

The buildings are located in downtown Calgary, close to major services, including parks, restaurants, the LRT transit system and libraries.