CAPREIT announced it has completed the purchase of a Kelowna portfolio consisting of four new low-rise apartment buildings. Comprised of 193 suites and completed in 2021, the portfolio was acquired for $63.3 million, funded from CAPREIT’s Acquisition and Operating Facility. Occupancy was 97.9 per cent at the time of closing.
Consisting of three six-storey buildings and one three-storey building, the Kelowna portfolio is located close to the Okanagan Highway, parks, schools, restaurants and the Westbank Shopping Centre. Each suite is decribed as being spacious, with air conditioning, laundry facilities, stainless steel appliances, quartz countertops and premium quality finishes throughout.
Amenities for all properties include a business centre, fitness centre, community lounges and games rooms, rooftop patios, a theatre and extensive landscaping and lawns for residents’ use. In keeping with CAPREIT’s focus on reducing its environmental footprint, the buildings are currently equipped with ten EV charging stations for residents.
“The Okanagan Valley and Kelowna remain a key retirement destination, and this brand-new apartment portfolio of high quality, spacious and luxury suites, continues to be in high demand,” said Mark Kenney, President and CEO. “This acquisition also fits with a key element of our asset allocation strategy to acquire modern, recently constructed properties with low capital investment needs and the features and amenities demanded by today’s discerning market.”
CAPREIT currently owns or has interests in approximately 69,800 residential apartment suites, townhomes and manufactured housing community sites across Canada, in the Netherlands and Ireland. CAPREIT has approximately $18 billion of assets under management globally.