The Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has acquired a portfolio of properties in Charlottetown and Cornwall, Prince Edward Island.

The portfolio, consisting of 240 residential suites and 500 land lease sites, came at a cost of $34.9 million.

The apartment buildings are located in residential neighbourhoods near downtown Charlottetown. Four buildings make up the Waterview Heights complex, which consists of 60 suites. The River Ridge Heights complex is made up of 108 luxury suites, spread between two buildings. The adjacent River Ridge Estates contains 78 manufactured home land lease sites, with room to add another 117 sites over time.

“We are very pleased to be making our first acquisition in Prince Edward Island, further strengthening and diversifying our property portfolio and entering a new market that we are confident will provide additional opportunities for growth in the future,” says Thomas Schwartz, president and CEO of CAPREIT.