Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) announced that it has completed the acquisition of a portfolio of 19 apartment properties in the Greater Vancouver Area totaling 919 residential suites. The purchase price of $170.0 million (excluding transaction costs) was funded with CAPREIT’s Acquisition and Operating credit facility.
The 19 properties contain a mix of bachelor, one, two and three bedroom suites and all are close to shopping, schools and main transit lines. Many of the properties have been recently renovated and upgraded, and all include parking and laundry facilities. Each property has been strategically acquired to complement CAPREIT’s existing portfolio and in-place local property management team to generate maximum efficiency and operating synergies.
“We are very excited to be expanding our presence in the strong and vibrant Vancouver apartment market,” commented Thomas Schwartz, President and CEO. “This acquisition will be accretive, and the contribution from these new properties will only increase as we apply our proven property management programs and benefit from the significant available economies of scale and operating synergies.”
Mr. Schwartz continued: “Importantly, despite the tight acquisition market in Canada, all of our acquisitions continue to be accretive to our cash flows and, with the purchase of this portfolio, we will have acquired a total of 1,528 apartment suites so far this year, achieving our goal of purchasing between 1,500 and 2,000 suites annually. We look for further portfolio growth through the balance of the year and going forward.