CAPREIT announced it has completed the sale of a Montreal rental property containing 145 mid-tier suites. Located at 1150 and 1160 Sherbrooke Street East, the property sold for $24.8 million.
This sale of the Montreal rental property includes the assumption by the purchaser of approximately $12.1 million in mortgage debt. The net proceeds from the sale were used to repay the acquisition and operating facility.
“We believe we had maximized the value of this Montréal property, and will re-invest the proceeds in our proven and successful growth initiatives,” commented Thomas Schwartz, President and CEO.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 48,464 residential units, comprising 42,021 residential suites and 31 manufactured home communities comprising 6,443 land lease sites located in and near major urban centres across Canada.