CAPREIT Strengthens Presence in British Columbia

TORONTO, ONTARIO--(Marketwire - March 23, 2011) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has entered into an agreement to acquire five properties comprising 495 suites located in the Greater Vancouver Region of British Columbia. The total purchase price, excluding acquisition and closing costs, will be approximately $72 million. CAPREIT expects to finance the acquisition with new ten-year CMHC-insured mortgages of approximately $49 million and the balance will be funded from its acquisition and operating facility. The acquisition is scheduled to close in mid-April 2011.

"This strategic transaction further strengthens and diversifies our property portfolio and enhances our presence in the growing British Columbia market," commented Thomas Schwartz, President and Chief Executive Officer. "Importantly, the acquisition will leverage our existing regional infrastructure, which will result in operating cost savings."

With the completion of this acquisition, CAPREIT's portfolio in British Columbia will aggregate 2,763 suites, or approximately 9.5% of the total portfolio.

As one of Canada's largest residential landlords, CAPREIT (TSX:CAR.UN) is a growth- oriented investment trust owning interests in 27,255 residential suites (27,750 after completion of the above acquisition) located in and near major urban centres from coast to coast and two manufactured home communities comprising 1,325 land lease sites located in Ontario. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per Unit by 51%. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net.