True North Apartment REIT will be acquiring 29 residential properties for a combined total purchase price of $286 million, increasing its portfolio by nearly 47 per cent.

The properties, 11 high-rise buildings, four mid-rise properties, 13 low-rise properties and one townhouse complex, are located in Ontario and Alberta. They comprise of 2,824 residential suites with an average monthly rent of $861.

“The geographic location of these assets is highly complementary to our existing core portfolio, and we are gaining greater exposure to the high growth Alberta market,” says Leslie Veiner, the REIT’s president and CEO. “Furthermore, the considerable scale of this acquisition will increase the size of our property portfolio and enable the REIT to begin to realize synergies associated with owning a larger portfolio.”

Financing for the properties has been secured at approximately $101,275 per residential suite, or 5.4 per cent.