Canadian Apartment Properties Real Estate Investment Trust (CAPannounced that, it has completed two strategically aligned acquisitions of newly constructed Canadian rental properties for an aggregate purchase price of $90.5 million. CAPREIT also announced that it has disposed of two non-core buildings in Canada for combined consideration of $10.3 million, in addition to closing on the previously announced $53.9 million strategic sale in Calgary, Alberta. All amounts disclosed herein exclude transaction costs.

This month, CAPREIT acquired a newly constructed 12-storey, concrete purpose-built rental apartment containing 114 high-quality residential suites and over 5,000 square feet of commercial retail at grade. The building is situated in a strategic location in Vancouver, British Columbia, just steps from the Commercial-Broadway SkyTrain, which is serviced by both the Expo and Millennium lines. Construction of the building was completed this year, and it was purchased, following lease-up, for $68.0 million.

After adjusting for the retail component, the purchase price represents approximately $550,000 per suite, an attractive purchase price for a prime-located, newly built, concrete-construction apartment in Vancouver. The purchase was funded by cash from previously announced dispositions; however, an estimated $50.0 million in mortgage financing is expected to be planned in the near-term using the CMHC MLI Select program. In addition, in November, CAPREIT completed the on-strategy acquisition of a newly built 48-suite residential property with ocean views in Esquimalt, a municipality within the metropolitan Victoria area of southwestern British Columbia.