Yahoo Finance CAPREIT Expands Presence in Strong British Columbia Market
TORONTO, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the purchase of a six-storey 59-suite apartment and townhouse property located in downtown Kelowna, British Columbia. The property, completed in the spring of 2021, was acquired for $29.5 million, funded by CAPREIT’s Acquisition and Operating Facility and the assumption of a $17.1 million mortgage maturing on December 1, 2026. Occupancy was 94.9% at closing, with three townhomes previously used as short-term rentals vacant on closing. Management expects to rent these suites quickly given the property’s superior quality and location.
The property consists of twelve two-bedroom townhome units with an average size of 1,094 square feet, and twenty one-bedroom apartment suites and twenty-seven two-bedroom suites with an average size of 793 square feet. Located in downtown Kelowna near the city’s Cultural District, the property is close to schools, grocery stores and transit. Suite features include air conditioning, hydro submetering, quartz countertops, stainless steel appliances, in-suite laundry and nine-foot ceiling heights. Building amenities include 94 parking stalls, bicycle racks, and a large rooftop resident area with a built-in barbecue, fire pit and expansive green space with seating and planter boxes.
“We are pleased to add this brand-new, high-quality property to our Okanagan Valley and Kelowna portfolio, a region that continues to see high demand,” commented Mark Kenney, President and CEO. “This acquisition fits perfectly with our asset allocation strategy of acquiring modern, recently constructed properties with low capital investment needs and the features and amenities demanded by today’s discerning market.”
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ABOUT CAPREIT
CAPREIT is Canada's largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 70,000 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, in the Netherlands and Ireland with approximately $19 billion of assets under management globally. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.capreit.ca and our public disclosure which can be found under our profile at www.sedar.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.
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