Canadian Real Estate Investment Trust (CAPREIT) announced $194 million in real estate transactions, including two dispositions in Eastern Canada and two acquisitions in Western Canada. The company acquired The MacLaren, a 27-storey rental tower in Edmonton, and 43Twenty, a five-storey rental building in Vancouver.
Canadian Real Estate Investment Trust (TSX: CAR.UN) announced $194 million in transactions, split between two dispositions in Eastern Canada for a total of $96.8 million and two acquisitions in Western Canada for a total of $97.6 million. The dispositions include the sale of a 242-unit property in Brampton, Ontario for $73.8 million. CAPREIT did not identify the property, outside of including a photo, but the property was the Brampton Village Apartments at 75, 80, 85, & 90 Orenda Court.
CAPREIT, who also did not identify the purchaser, said the proceeds would go towards repaying the outstanding $31.7 million mortgage on the property. According to CAPREIT records, it acquired the property on September 15, 2000. The second disposition was the sale of a 138-portfolio in Charlottetown, Prince Edward Island for $23.0 million. Again, CAPREIT did not identify the properties, but they appear to be the Malpeque Road Apartments at 517 and 521 Malpeque Road and the Garfield Street Apartments at 20 and 22 Garfield Street. CAPREIT originally acquired the properties on July 31, 2014 and the new purchaser is unknown. As for the acquisitions, the two properties total to 281 units and were both constructed within the last 10 years.The biggest of the two acquisitions was The MacLaren, a 27-storey rental tower located at 10141 124 Street in Edmonton, at the southeast corner of the intersection with 102 Avenue NW in the Wîhkwêntôwin (formerly Oliver) District.since 2023. The tower consists of 240 rental units atop approximately 11,300 sq. ft of commercial space, and has convenient access to downtown Edmonton via public transit, which is just a five-minute drive away. CAPREIT said they acquired The MacLaren this month free of any mortgage financing for $79.4 million, which translates to approximately $465 per sq. ft. The sale was by Bradyn Arth, Bradley Gingerich, Paul Chaput, Jane Pascal, Nicholas Cryans, and Isabelle Milligan of Marcus & Millichap's Institutional Property Advisors team. According to its website, units are currently available starting between $1,470 to $1,715 for one-bedroom units, between $1,705 to $2,300 for two-bedroom units, and at $4,500 for two-bedroom units with a den. The other acquisition, which occurred in January, was pertaining to 43Twenty, a five-storey rental building located at 4320 Slocan Street in Vancouver between E 27th Avenue and E 28th Avenue. The property is also located a five-minute walk away from Slocan Park and the Expo Line SkyTrain's 29th Avenue Station. The property consists of 41 rental units set at marked-to-market rents, which 'provide for a stable runway of long-term growth potential,' said CAPREIT. CAPREIT said it acquired 43Twenty for $18.2 million, which was funded in part through the assumption of $5.5 million in mortgage debt that is carrying interest at 2.3% and is set to mature in approximately one year.
CAPREIT Real Estate Acquisitions Western Canada Edmonton Vancouver Rental Properties The Maclaren 43Twenty
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