CAPREIT Acquires Brand New Luxury Apartment Property in B.C.
Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR-UN.TO) announced today that it has completed the acquisition of Willoughby Walk, a brand new, purpose-built apartment building containing 191 rental suites located in Langley, British Columbia. CAPREIT paid $69.6 million for the property, funded by its Acquisition and Operating credit facility, which will subsequently be partially repaid by the CMHC-insured mortgages. Construction was recently completed, and the property is currently being leased up.
Willoughby Walk, located in one of the Province's fastest growing urban markets, is situated close to shopping centres, coffee shops, restaurants, schools and a community park. It is also close to transit and highways with easy access to Greater Vancouver. The 191 suites offer best-in-class amenities, efficient floor plans with modern condominium-style finishes, as well as numerous energy-saving initiatives. It includes underground parking for residents, multiple electric vehicle charging stations, a fitness centre and play area for families, as well as two rooftop patios. The property is also located close to other CAPREIT-owned properties in Langley, driving further economies of scale and cost efficiencies in the market.
"This acquisition is another example of how we are modernizing our property portfolio by acquiring newer properties in strong markets," commented Mark Kenney, President and CEO. "We will continue to re-position our portfolio over time to provide our residents with the best experience while capitalizing on the accompanying reduction in our overall capital expenditures."
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 53,334 residential units, comprising 45,637 residential suites and 45 manufactured home communities comprising 7,697 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.caprent.com or 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.
For more information, please contact:
CAPREIT CAPREIT CAPREIT Mr. Michael Stein Mr. Mark Kenney Mr. Scott Cryer Chairman President & CEO Chief Financial Officer (416) 861-5788 (416) 861-9404 (416) 861-5771