The Canadian REIT funded the transaction with its Acquisition and Operating credit facility.
CAPREIT has announced the acquisition of a three-property residential portfolio totaling 553 units in Western Ontario, Canada, for $68.8 million. The Canadian residential REIT financed the purchase with its Acquisition and Operating credit facility.
Two of the apartment communities are located in the town of London, Ontario, and consist of townhomes, low-rise, high-rise and walk-up apartment buildings housing a mix of studio, one-, two- and three-bedroom units. The apartment communities are both located close to public transit, schools and shopping. Building amenities include laundry facilities, parking and swimming pools at each property.
The other apartment community is located in Sarnia, Ontario and comprises multiple three and six-story apartment buildings. Located close to downtown, the building offers residents storage space, laundry facilities and parking. CAPREIT will manage both properties.
In addition to the three apartment communities in Ontario, CAPREIT also announced the $7.2 million acquisition of a new, four-story, 42-unit residential community in Charlottetown, Prince Edward Island. Currently 100 percent occupied, the property is situated near the North River and is in close proximity to downtown and the Trans-Canada highway. Apartment interiors feature high ceilings, laminated floors, quartz countertops, stainless steel appliances and washers and dryers.
Just last month, the Canadian government announced it had invested $15 million into a new entity called HP Housing Investment Corp., a lending arm designed to finance affordable housing projects as part of a larger overall $41.3 billion plan to create 125,000 units of affordable homes in the country.