Canada’s largest residential landlords, Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), has acquired a 213-suite apartment portfolio in Charlottetown, Prince Edward Island. Consisting of nine low-rise properties, the portfolio was purchased for approximately $19.6 million.

“With this accretive purchase we have increased our Prince Edward Island portfolio to a total of 453 apartment suites and 500 land lease sites, sufficient critical mass to generate solid economies of scale and operating synergies,” says Thomas Schwartz, CAPREIT President and CEO. “In addition, as we implement our proven operating programs, energy management and purchasing systems, we expect cash flows contributed by the total PEI portfolio will increase over time.”

Most of the low-rise properties are located close to downtown PEI, within walking distance of transportation hubs, shopping, schools and recreational facilities.

Across Canada, CAPREIT owns interest in 35,247 residential suites.