TORONTO, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (CAR-UN.TO) announced today that it has completed the acquisition of Redwood Manor in New Westminster, British Columbia. Occupancy for the 48-suite property currently stands at 100%. CAPREIT paid approximately $13.4 million for the property, funded by its Acquisition and Operating credit facility.
The property has been well maintained and has recently undergone extensive renovations and upgrades including new stainless-steel appliances in all suites, double paned windows to reduce energy costs, modernization of its elevator system, exterior paint and parking lot improvements, and numerous common area upgrades. In addition, all suites are individually metered for hydro costs. The property is situated close to the Columbia SkyTrain Station and the Trans-Canada Highway, providing convenient access to downtown Vancouver. Nearby amenities include a farmer’s market, churches, an elementary school and parks.
“This acquisition is another example of how our property management and capital improvement programs will add value for our Unitholders. It will be an excellent addition to our growing Greater Vancouver portfolio,” commented Mark Kenney, President and CEO.
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Canadian Apartment Properties REIT (“CAPREIT”) is one of Canada’s largest real estate investment trusts managing over 64,000 residential rental apartment and townhouse suites and manufactured home community sites in major urban centres across Canada, the Netherlands, and Ireland. 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 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.
For more information, please contact:
Mr. Michael Stein
Mr. Mark Kenney
President & CEO
Mr. Scott Cryer
Chief Financial Officer