A 126-suite mid-tier apartment property in Regina, Saskatchewan, has been acquired by the Canadian Apartment Properties Real Estate Investment Trust (CAPREIT). The property, which consists of six three-level multi-family buildings, was purchased for approximately $17 million.

“One of our key goals in growing our portfolio is to acquire properties that are close to our existing buildings in order that they can benefit from our proven property management programs,” says Thomas Schwartz, CAPREIT President and CEO. “With this acquisition, our Regina portfolio increases to 234 apartment suites, sufficient critical mass for all of these properties to generate further increases in cash flow through enhanced operating synergies and economies of scale.”

The complex, located near major shopping centres, transit hubs, schools and parks, features mostly two-bedroom suites.