CAPREIT announced that it has completed the acquisition of a portfolio of six apartment and townhome properties located in London, Ontario, totaling 670 rental suites. The purchase price (excluding transaction costs) of approximately $52.0 million was funded with cash from CAPREIT’s Acquisition and Operating credit facility.
The six properties contain a mix of bachelor, one and two bedroom suites, most with popular amenities such as swimming pools, laundry facilities, and ample parking. The buildings are located close to public transportation, shopping and schools, including the University of Western Ontario. Occupancy in the portfolio stood at 97 per cent at closing.
“We are very pleased to expand our presence in the strong and vibrant London market,” commented Thomas Schwartz, President and CEO. “The new properties are situated close to each other and our existing London portfolio, ensuring we can integrate the buildings into our local property management systems quickly and efficiently with no incremental increase in cost.”
As one of Canada’s largest residential landlords, CAPREIT owns interests in 47,460 residential units, comprising 41,171 residential suites and 30 manufactured home communities comprising 6,289 land lease sites located in and near major urban centres across Canada.