CAPREIT Expands Presence in Strong Montreal Market
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TORONTO, May 31, 2021 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of a portfolio of five apartment buildings spread over two properties located in the west end of Montréal, Quebec aggregating 154 residential suites. CAPREIT paid approximately $30.6 million for the two properties, funded by cash and the assumption of an $18.0 million mortgage with an attractive 1.78% interest rate. Residential occupancy in the portfolio was 95.5% at closing. Both properties have undergone significant exterior and common area renovations, with 51% of the suites upgraded.
The first property, a four-building 90-suite multifamily complex at 4080-4140 Côte-Sainte-Catherine, includes nine studio and bachelor suites, 39 one-bedroom and 42 two-bedroom suites, all featuring nine-foot ceilings, hardwood floors and balconies. Residents have access to interior and exterior parking and on-site laundry facilities. The complex is located close to three hospitals, the Université de Montréal, elementary and secondary schools, grocery stores, restaurants and pharmacies, as well as metro stations.
The second property is a 64-suite building at 5460 Sunnybrooke in the heart of the family-oriented town of Côte-Saint-Luc. Close to schools, parks and recreation facilities, the building contains 45 one-bedroom and 19 two-bedroom suites. The property includes interior parking, on-site laundry and storage lockers with excellent access to downtown Montréal.
“We are pleased to be expanding our presence in Montreal, one of Canada’s strongest rental residential markets,” commented Mark Kenney, President and CEO. “These additions to our Greater Montreal portfolio are an excellent fit with our proven asset allocation strategy – acquiring accretive, high quality, mid-tier properties located outside a city’s downtown core offering the larger suites and amenities demanded by today’s renter.”
ABOUT CAPREIT
CAPREIT is Canada's largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 68,300 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, in the Netherlands and Ireland. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.caprent.com or www.capreit.net 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.