CAPREIT Sells Five Apartment Properties

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2012) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has sold five apartment buildings containing 438 suites located in Mississauga, Oakville and Toronto, Ontario. The aggregate sale price is approximately $60.7 million, generating a strong return for CAPREIT on these assets. The purchaser assumed mortgages totalling approximately $29.0 million with the balance of the proceeds going towards reducing the Bridge Loan.

About CAPREIT

CAPREIT is a growth-oriented investment trust owning interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities located in and near major urban centres across Canada. CAPREIT owns interests in 36,245 residential units, comprised of 32,875 residential suites and 14 manufactured home communities ("MHC") comprising 3,370 land lease sites. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure which can be found under our profile at www.sedar.com.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.