In a busy end to September, CAPREIT announced it has completed the acquisition of a Quebec City portfolio consisting of three modern apartment buildings for $72.8 million. The 260-suite portfolio was 99.6 per cent occupied at the time of closing.
Constructed between 2012 and 2015, the three buildings in the Quebec City portfolio are located in a small cluster overlooking the St. Lawrence River, close to Old Québec and other prominent tourist and shopping destinations. All 260 suites are sub-metered for utility and water consumption, and all appliances are resident-owned, which CAPREIT says will help reduce future capital investments and resident turnover.
Meanwhile, in addition to purchasing the Quebec City portfolio, CAPREIT announced it has sold 124 Broadway Avenue in mid-town Toronto to a buyer it describes as being “a well-respected developer.” CAPREIT said it is capitalizing on the development potential of the property with a sale price of $52.0 million.
Additionally, it has just sold its one-third managing interest in King’s Club, located at 1100 King Street West in downtown Toronto for approximately $90.9 million to Woodbourne, a Canadian developer, operator and investor in residential rental properties, including apartments, seniors housing and student housing. CAPREIT will provide a VTB to the purchaser to finance 75 per cent of the purchase price at an annual interest rate of 3.0 per cent due in 36 months from closing.
“We continue to review and assess our entire property portfolio, identifying and acting on assets where we believe we have maximized value and applying the proceeds from such property sales toward more accretive growth opportunities for our Unitholders,” commented Mark Kenney, President and CEO.
Visit www.caprent.com for more details.