- What The company bought two properties in Ontario
- Why The properties were built in 2019 and 2020
- What next CAPREIT is trimming its portfolio of noncore assets
CAPREIT acquired two multifamily properties in London, Ont., this month for $130m.
The properties, built in 2019 and 2020, have a total of 291 units averaging 1,160 sq ft. The company assumed two below-market mortgages with $80.9 million in principal outstanding combined.
The weighted average term to maturity is two years, and the blended interest rate is 2.3%. The rest of the purchase price was paid in cash.
On the sales front, the REIT said it sold two apartment properties, totaling 108 units, in Langley, B.C., to nonprofit New Vista Society for gross proceeds of $35m. The funds were used in part to pay down $6.5m of outstanding debt. The properties were built in 1978.
Also in March, CAPREIT sold a 240-unit property, built in 1962, in Quebec City for $36.3m, and in January, it sold 32 units built in 1969 in Victoria, B.C., for $12.3m. The company has agreed to sell a 0.3 acre land parcel in Halifax for $2m.
