Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) has been busy buying and selling apartment properties across the country in recent weeks. On February 10, 2025, the company announced it had completed two non-core dispositions for $96.8 million, in addition to closing on a 717-suite sale in Montréal for $103.8 million; it also acquired two recently constructed rental apartment properties in Western Canada for an aggregate purchase price of $97.6 million.
In January, CAPREIT sold a non-core portfolio containing 242 residential suites in Brampton, Ontario, for $73.8 million and a 138-suite portfolio located in Charlottetown, Price Edward Island, for $23.0 million. Meanwhile, it closed on the acquisition of a purpose-built 41-suite rental property situated in Vancouver. In February, it purchased an “on-strategy” 27-storey, 240-suite rental property located in the Wîhkwêntôwin (formerly Oliver) District of Edmonton.
“We’re kicking off the new year on an exciting note with these strategic transactions, through which we’re continuing to upgrade the quality and enhance the diversification of our core platform in Canada,” said Mark Kenney, President and Chief Executive Officer. “These recently constructed, mid-market rental properties fit perfectly into our target portfolio positioning, and we’re acquiring them at an age where they provide an ideal balance of embedded value and growth potential. We’re equally pleased to be able to keep playing our part in supporting the Canadian housing eco-system, through the investment of our capital into newer purpose-built rental properties, and we’re looking forward to doing more of this in 2025.”
“We’ve strengthened our Western Canadian presence with the addition of these two on-strategy properties, which boast affordable rents averaging in the high $2 per square foot range,” added Julian Schonfeldt, Chief Investment Officer. “These transactions demonstrate that we’re able to sell our non-core legacy properties at prices that are at, or above, IFRS fair value, while also purchasing well-located, high-quality buildings at meaningful discounts to replacement cost. Our current capital reallocation plan remains robust, and we’ll continue to execute on value-enhancing transactions that benefit all of our key stakeholders moving forward.”
For more info, visit: Rental Apartments in Canada – Canadian Apartment Properties REIT
