Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) announced that it has completed the acquisition of Brookside Gardens, a 44-unit townhouse complex in Maple Ridge, BC, in the northeastern section of Metro Vancouver.
Situated in a park-like setting with well-landscaped grounds, each spacious two-storey rental townhome features three bedrooms, a fenced-in backyard and covered parking.
CAPREIT paid $10.9 million for the townhouse complex, financed with an assumption of an existing $3.71 million mortgage maturing on October 1, 2020 bearing an interest rate of 1.94% and remaining with its Acquisition and Operating credit facility.
“We are pleased to complete this acquisition in the strong British Columbia market,” commented Thomas Schwartz, President and CEO. “The addition of this property demonstrates our commitment to diversifying our portfolio to reduce risk and strengthening our presence across Canada’s strongest rental markets.”
Brookside Gardens is located along Dewdney Trunk Road between 208th Street and Rosewood Street in a strong residential area of West Maple Ridge. Various amenities are within walking distance on Dewdney Trunk Road, including the Westridge Centre and Save-On-Foods. Schools in the area include Westview Secondary, Maple Ridge Christian School, and Fairview Elementary. Lougheed Highway and the Golden Ears Bridge enable easy access to surrounding communities, and public transportation is readily available with buses along Dewdney Trunk Road and at the Westcoast Express station just south of Lougheed Highway,
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 49,073 residential units, comprising 42,622 residential suites and 31 manufactured home communities comprising 6,451 land lease sites located in and near major urban centres across Canada and The Netherlands. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.caprent.com.