Canadian Apartment Properties Real Estate Investment Trust
TSX : CAR.UN

Canadian Apartment Properties Real Estate Investment Trust

September 14, 2015 17:00 ET

CAPREIT Expands Vancouver Presence With Purchase of 919-Suite Property Portfolio

TORONTO, ONTARIO--(Marketwired - Sept. 14, 2015) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has completed the acquisition of a portfolio of 19 apartment properties in the Greater Vancouver Area totaling 919 residential suites. The purchase price of $170.0 million (excluding transaction costs) was funded with CAPREIT's Acquisition and Operating credit facility.

The 19 properties (see table below) contain a mix of bachelor, one, two and three bedroom suites and all are close to shopping, schools and main transit lines. Many of the properties have been recently renovated and upgraded, and all include parking and laundry facilities. Each property has been strategically acquired to complement CAPREIT's existing portfolio and in-place local property management team to generate maximum efficiency and operating synergies.

"We are very excited to be expanding our presence in the strong and vibrant Vancouver apartment market," commented Thomas Schwartz, President and CEO. "This acquisition will be accretive, and the contribution from these new properties will only increase as we apply our proven property management programs and benefit from the significant available economies of scale and operating synergies."

Mr. Schwartz continued: "Importantly, despite the tight acquisition market in Canada, all of our acquisitions continue to be accretive to our cash flows and, with the purchase of this portfolio, we will have acquired a total of 1,528 apartment suites so far this year, achieving our goal of purchasing between 1,500 and 2,000 suites annually. We look for further portfolio growth through the balance of the year and going forward."

Greater Vancouver Area Property Portfolio

Property Address Demographic
Sector
Suites
Harbourview Terrace 308 Forbes Ave., North Vancouver Luxury 47
St. Johns 2010 St. Johns St., Port Moody Mid-tier 41
Hyland Manor 751 Clarke Road, Coquitlam Mid-tier 34
Carrigan Court 3836 Carrigan Crt., Burnaby Luxury 65
Parkwood Gardens 10th and 11th Avenue, Burnaby Mid-tier 79
Chateau Delon 7425 - 18th Ave., Burnaby Mid-tier 47
Vista Terrace 7465 - 13th Ave., Burnaby Mid-tier 26
Colonial 435 Ash Street, New Westminster Mid-tier 43
Hillcrest Manor 1303 Eighth Ave., New Westminster Mid-tier 41
Park Villa 529 Tenth Street, New Westminster Mid-tier 25
Terraces on Tenth 333 Tenth Street, New Westminster Mid-tier 41
Daylin Manor 515 Ninth Street, New Westminster Mid-tier 47
Lynn Gary 520 Tenth Street, New Westminster Mid-tier 50
Skyview 908 Sixth Ave., New Westminster Mid-tier 43
The Laurels 910 St. Andrews St., New Westminster Mid-tier 45
Westport 1021 Fourth Ave., New Westminster Mid-tier 42
Grosvenor Square 150th Street, Surrey Mid-tier 110
Berry Road 5411 - 208th Street, Langley Mid-tier 54
Creek Park Townhomes 5332 - 207th Street, Langley Mid-tier 39
Total 919

ABOUT CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 42,956 residential units, comprising 36,671 residential suites and 30 manufactured home communities comprising 6,285 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.caprent.com or 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.

Contact Information

  • CAPREIT
    Mr. Michael Stein
    Chairman
    (416) 861-5788

    CAPREIT
    Mr. Thomas Schwartz
    President & CEO
    (416) 861-9404

    CAPREIT
    Mr. Scott Cryer
    Chief Financial Officer
    (416) 861-5771