TORONTO, ONTARIO–(Marketwired – June 1, 2017) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of Brookside Gardens, a 44 unit townhouse complex in Maple Ridge, BC in the northeastern section of Metro Vancouver. Situated in a park-like setting with well-landscaped grounds, each spacious two-storey townhome features three bedrooms, a fenced-in back yard and covered parking. CAPREIT paid $10.9 million for the property, financed with an assumption of an existing $3.71 million mortgage maturing on October 1, 2020 bearing an interest rate of 1.94% and remaining with its Acquisition and Operating credit facility.
“We are pleased to complete this acquisition in the strong British Columbia market,” commented Thomas Schwartz, President and CEO. “The addition of this property demonstrates our commitment to diversifying our portfolio to reduce risk and strengthening our presence across Canada’s strongest rental markets.”