TORONTO, ONTARIO--(Marketwired - Sept. 15, 2016) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has completed the acquisition of "76 Place", a luxury 71-suite apartment property in the prosperous Bedford South neighbourhood of Halifax, Nova Scotia. CAPREIT paid $17.1 million for the property, financed with its Acquisition and Operating credit facility.
Completed in 2015, this 94% occupied six-storey building 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 property 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.
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 48,514 residential units, comprising 42,071 residential suites and 31 manufactured home communities comprising 6,443 land lease sites located in and near major urban centres across Canada. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.