Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) announced that it has completed the acquisition of a portfolio of four apartment properties well located in Victoria, British Columbia totaling 169 suites.

The purchase price (excluding transaction costs) of approximately $29.0 million was funded by the assumption of a $3.0 million mortgage maturing in February 2020 with an effective interest rate of 1.8 per cent, with the balance in cash from CAPREIT’s Acquisition and Operating credit facility.

The four properties contain a mix of bachelor, one and two bedroom suites, with most undergoing recent renovations to include stainless steel appliances, upgraded kitchens, bathrooms and flooring, as well as new windows and sliding glass doors. Renovations have also been completed on common areas, and all buildings include laundry rooms as well as other amenities. Occupancy in the portfolio stood at 100 per cent at closing.

“Victoria remains one of Canada’s strongest rental markets with solid demand and little new supply. We are pleased to be increasing our presence in this vibrant and stable market,” commented Thomas Schwartz, CAPREIT President and CEO. “Importantly, the newly acquired buildings are located in close proximity to our existing Victoria portfolio, ensuring we continue to capitalize on economies of scale as we integrate the new properties into our proven management systems.”