CAPREIT Acquires Another B.C. Apartment Property
Canadian Apartment Properties REIT has acquired Yorkson Grove, a 58-suite luxury apartment property in Langley, in a deal worth $17M. The five-storey building, built by Quadra Homes, was completed in 2014. CAPREIT president and CEO Thomas Schwartz, noting that B.C. remains one of Canada’s strongest rental markets, said the trust is pleased to be enhancing its presence and “building our critical mass in the region.” This comes just weeks after CAPREIT acquired two apartment properties in Victoria and Langley, 140 suites total, for $18.1M.