CAPREIT announced it has completed the acquisition of a six-property Quebec portfolio for $281 million. Described as “modern” and “recently constructed”, the apartment buildings are located in Montréal, Laval, Côte Saint-Luc and Saint Hyacinthe, Québec.

“This acquisition fits perfectly with our asset allocation strategy to enhance the average age and quality of our portfolio while adding large and well-appointed luxury suites in demand by today’s discerning market,” said Mark Kenney, President and CEO. “Additionally, the new energy-efficient heating, air conditioning and lighting systems, low-flow bathroom fixtures, electric vehicle charging stations and resident self-metering all meet our goal of improving our environmental performance and long-term sustainability.”

The Quebec portfolio totals 516 residential suites including 44 bachelor, 236 one-bedroom, 211 two-bedroom and 25 three-bedroom apartments as well as three commercial units. The properties were built between 2017 and 2021. The purcash price of $281 million was funded by CAPREIT’s Acquisition and Operating Facility and the assumption of $55.5 million in mortgages.

Resident amenities include gyms, outdoor pools terraces and rooftop patios. All six properties are close to shopping, transit, parks, recreational facilities, and schools. There is currently an active lease up program for these properties.

CAPREIT also announced it had recently acquired three rental properties in B.C., including a 24-suite apartment complex in Victoria, B.C. for $7.2 million. The fully occupied property is located in the James Bay neighbourhood close to downtown Victoria with easy access to shopping, libraries, and local attractions.