CAPREIT purchases new apartment building in Greater Montreal

Acquisition adds a new modern property to the REIT’s portfolio

CAPREIT purchases new apartment building in Greater Montreal
Duffie Osental

CAPREIT has announced its purchase of a new apartment building in the Greater Montreal Area.

The new 16-storey apartment building, located in the municipality of Brossard, Quebec, was constructed last year and contains 112 suites. It is situated on the shore of the St. Lawrence River close to the Quarter DIX30 Lifestyle Centre, Canada’s second largest shopping destination, and near highways, metro train stations, and the new Samuel de Champlain Bridge.

Read more: REIT completes major apartment acquisition in Montreal's suburbs

The building has a range of one- two-, and three-bedroom suites, all individually metered for hydro. Amenities include a roof-top terrace, gym, and multiple common areas and social rooms.

CAPREIT paid $43.5 million for the property financed in cash from its acquisition and operating credit facility. Occupancy at closing was 96.4%.

“Adding newer and more modern properties to our portfolio remains a key focus of our growth strategy,” said Mark Kenney, president and chief executive officer of CAPREIT. “These properties generate higher rents, attract stronger residents, require much less capital spending, and serve to further strengthen and diversify our overall portfolio. Looking ahead we will continue to focus on purchasing newer properties that enhance our asset base.”