TORONTO, ONTARIO–(Marketwired – July 31, 2015) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of Yorkson Grove, a 58 suite luxury apartment property located in Langley, British Columbia for a purchase price (excluding transaction costs) of approximately $17.0 million. The purchase was funded with CAPREIT’s Acquisition and Operating credit facility.
Yorkson Grove is a modern, five-storey building constructed in 2014 containing a mix of suite sizes, including two-bedroom plus loft suites and two-bedroom plus den suites in high demand. Each suite includes luxury amenities such as six stainless steel appliances, granite countertops, heated floors and a large storage facility assigned to each parking spot. The property is located close to major transit, retail and grocery stores, banks and schools, and is adjacent to a new 42 acre community park.
“We are very pleased to be adding to our luxury property portfolio with this modern, high quality property. British Columbia remains one of Canada’s strongest rental markets, and we are pleased to be enhancing our presence and building our critical mass in the region,” commented Thomas Schwartz, President and CEO.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 42,037 residential units, comprising 35,752 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.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.
Mr. Michael Stein
Mr. Thomas Schwartz
President & CEO
Mr. Scott Cryer
Chief Financial Officer