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CAPREIT acquires Alberta apartment property

Thursday, February 19, 2015

The Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has acquired Grandin Tower, a 126-unit apartment property in Edmonton, Alta. At the same time, the company also sold four Toronto apartment buildings located on Wilson Ave.

“We are pleased to be further strengthening our Alberta portfolio with this accretive and high-quality acquisition,” says Thomas Schwartz, President and CEO of CAPREIT.

Purchased for $31-million through CAPREIT’s Acquisition and Operating credit facility, Grandin Tower is a recently renovated 12-storey high rise development located near downtown Edmonton. It situated near public transit, including the Grandin LRT station, the University of Alberta, Grant MacEwan University, and a major hospital.

The Toronto properties, consisting of a total of 260 suites, were sold for $47-million.

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