True North Apartment Real Estate Investment Trust has acquired two properties, in Trenton, Ont. and Montreal, for $10.7 and $12.3 million respectively. The REIT also announced it divested two non-core properties, one in Hanover, Ont. and the other in Saanich, B.C.

“The two properties we divested were smaller non-core assets and were the only properties the REIT owned in these two markets,” says Leslie Veiner, CEO of True North Apartment REIT. “The redeployment of the proceeds from these dispositions into acquisitions in Trenton and Montreal are intended to provide the REIT with both a higher return on equity and significant strategic advantages.”

The Trenton high-rise building has recently undergone renovations to its 199 units, including upgrades to the balconies and heating infrastructure. The purchase price of $10.7 million represents a capitalization rate of 5.75 per cent.

The Montreal acquisition is an 11-storey building comprised of 148 units. The purchase price of $12.3 million also represents a capitalization rate of 5.75 per cent.