CAPREIT Builds Critical Mass in B.C. With $18M Apartment Buy
Canadian Apartment Properties REIT has acquired two apartment properties in Victoria and Langley, a total of 140 suites, in a deal worth $18.1M that CEO Thomas Schwartz said will enhance the trust's presence and build on its “critical mass” in B.C. The Langley portfolio consists of two buildings, each with 54 one- and two-bedroom suites, branded The Brighton and The Claymore (seen above), both three-storey freestanding buildings with extensive parking facilities. Constructed in 1980, the properties have an aggregate 93% occupancy.
The Victoria property, 3820 Shelbourne St, is a 32-suite two-storey building located along one of the capital’s major retail-commercial north-south thoroughfares, and five blocks from University of Victoria. The property is currently 88% occupied. Toronto-based CAPREIT, one of Canada's largest residential landlords, owns interests in nearly 42k residential units across the country.