CAPREIT Expands Presence in Strong Halifax Market

TORONTO, Dec. 02, 2020 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has purchased a recently constructed apartment building containing 38 suites in Bedford, a suburb of Halifax, Nova Scotia. CAPREIT paid $11.9 million for the property financed by cash.

Completed in July 2020, The Madison’s suites are all large two-bedroom units featuring wide plank flooring, stainless steel appliances, quartz countertops and large walk-in closets. Close to grocery stores, pharmacies, restaurants and banks, amenities include a spacious modern common room, 59 parking spaces with a car wash bay, and a fully-equipped fitness facility. Each suite is individually metered for power. Occupancy currently stands at 97.4%.

“We are pleased with the addition of this high-quality acquisition and continue to increase our presence in the very strong Halifax market,” commented Mark Kenney, President and CEO. “Combined with our large portfolio acquisition last year, we are among the largest providers of high-quality rental accommodation in the region.”