The acquisition is in keeping with the REIT's commitment to reducing its environmental footprint
Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has announced its latest expansion into British Columbia with the completion of a portfolio purchase of low-rise apartment buildings in West Kelowna.
The four brand-new buildings, which were completed earlier this year, will come with a total of 193 suites. CAPREIT acquired the portfolio for $63.3 million, with occupancy at 97.9% upon the closing of the transaction.
The property is situated close to the Okanagan Highway with immediate connection to downtown Kelowna, along with proximity to parks, schools, restaurants, and the Westbank Shopping Centre. Amenities include a business centre, a fitness centre, community lounges, game rooms, rooftop patios, a theatre, and extensive landscaping and lawns.
CAPREIT said that as part of its commitment to reduce its environmental footprint, the property currently has 10 electric vehicle charging stations for residents’ use.
“The Okanagan Valley and Kelowna remain a key retirement destination, and this brand-new apartment portfolio of high quality, spacious, and luxury suites continues to be in high demand,” said Mark Kenney, president and CEO of CAPREIT. “This acquisition also fits with a key element of our asset allocation strategy to acquire modern, recently constructed properties with low capital investment needs and the features and amenities demanded by today’s discerning market.”