CAPREIT has purchased a portfolio of 10 multi-residential buildings totalling 770 suites and 52,000 square feet of fully-leased commercial space in British Columbia, Toronto and Montreal.
The portfolio was acquired for $153.2 million, satisfied by the assumption of existing mortgage debt of $9.5 million with a weighted average interest rate of 3.62 per cent, and $50 million in short-term conventional financing.
“With these acquisitions we have purchased 1,543 apartment suites so far this year, already achieving our normal acquisition target,” says CAPREIT’s president and CEO, Thomas Schwartz. “These new properties further strengthen and diversify our nationwide portfolio and will make a solid and accretive contribution to our cash flows in the quarters ahead.”
The B.C. portfolio consists of five buildings in Victoria and Saanich, totalling 365 suites. It includes James Bay Square, a luxury apartment building located near Victoria’s seaplane and ferry terminals.
The Toronto portfolio includes 260 apartment suites spread across four buildings at Wilson Avenue and Avenue Road.
The tenth property is a 145-suite building in downtown Montreal.
CAPREIT is one of Canada’s largest residential landlords. It owns interests in 38,164 residential units in and near major urban centres across the country. The company recently sold 604 suites between two Mississauga, Ont., and three Toronto properties. The sale price for this transaction was approximately $94.3 million.
