CAPREIT announced it has completed the acquisition of “76 Place”, a Halifax luxury apartment located in the prosperous Bedford South neighbourhood. CAPREIT paid $17.1 million for the property, financed with its Acquisition and Operating credit facility.

Completed in 2015, this 94 per-cent occupied, six-storey property is situated in a park-like setting surrounded by natural woodlands and beautiful landscaping close to schools, numerous consumer services and a large high-end retail plaza that includes day care and an indoor children’s playground.

Suites are spacious, with an average size of approximately 1,500 square feet, and are finished to luxury condominium quality with high ceilings, granite counters, stainless steel appliances and large balconies. Amenities include underground parking, a car wash bay, a fitness facility and furnished common rooms.

The Halifax luxury apartment is located close to other CAPREIT properties and will be managed by existing staff.

“76 Place is one of Halifax’s most modern premier apartment properties. Its acquisition has significantly strengthened our presence in the strong Halifax market,” commented Thomas Schwartz, President and CEO.