CAPREIT Acquires Brand New Luxury Property in British Columbia

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TORONTO, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of a brand new luxury apartment property in Langley, British Columbia on August 7, 2018. The purchase price is $33.0 million for the property, including the assumption of a $21.1 million CMHC-insured mortgage with an annual interest rate of 2.56% maturing on June 1, 2027.

The Meridian is a fully occupied five-storey 90-suite property completed in 2017. Situated close to shopping, restaurants, schools and recreation areas, including parks, bike trails, golf courses and an equestrian centre, the building is also a short walk to a future LRT line linking the community to Greater Vancouver. The Meridian offers a mix of professionally designed one, two and three bedroom suites all with modern and attractive features. Amenities include underground parking, bicycle stalls, a large professional gym, outdoor playground, theatre room and fully outfitted party room.

“The Meridian is a very strong addition to our property portfolio and an example of how we are taking steps to increase our presence in the luxury segment of the business with new, modern properties that appeal to today’s resident,” commented David Ehrlich, President and CEO.

More news and information about Canadian Apartment Properties Real Estate Investment Trust

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Globe Newswire: 00:08 GMT Friday 10th August 2018

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