- What Capreit has sold three residential properties over the past month
- Why Net proceeds will be used to pay the company’s revolving credit facility
- What next A Newmarket, Ont., deal is expected to close in Q3 2024
Canadian Apartment Properties REIT said that since Aug. 1, it has sold three residential properties, with one more in the works.
In August, the Toronto-based company completed the sale of the 214-unit Chapdelaine in Québec City, for $35.6m. to Nofada Immobilier and its partners. Proceeds were used to repay an outstanding $11.5m mortgage.
This month, the REIT sold the 42-unit Hyde Pond Apartments in Cornwall, P.E.I., for $8m and the 370-unit Park Vista Apartments in Toronto for $133m.
The buyer of the Toronto property assumed a mortgage with outstanding principal of $80.2m. The net purchase price was satisfied in part through an interest-only vendor take-back loan of $21.0 million, bearing interest at 3% per year for three years.
Capreit has also agreed to sell the 110-unit Huron Heights Apartments in Newmarket, Ont., for $33.5m. It expects to use the proceeds to repay a $22.8m mortgage. The deal is slated to close in Q3.
So far this year, the company has sold $385m of noncore properties. Net proceeds from the transactions will be used to pay down the company’s revolving credit facility.
