An undisclosed buyer entered into an agreement to acquire 253 residential units located in East York, Ontario from Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) for CAD 90.1 million.

An undisclosed buyer entered into an agreement to acquire 253 residential units located in East York, Ontario from Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) for CAD 90.1 million on August 3, 2022. The transaction is expected to close later in August 2022. Proceeds from the sale will be used by Canadian Apartment Properties in part to repay the existing mortgage on the portfolio of approximately CAD 22.9 million.

The remaining net proceeds will be redeployed to fund the acquisition of new-build properties pursuant to Canadian Apartment Properties' active asset management program.