CAPREIT Acquires Property in Growing Maple Ridge, B.C. Community

TORONTO, Nov. 26, 2020 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has purchased a four-building apartment campus containing 147 suites on 3.15 acres of land in the heart of the Maple Ridge Town Centre, just outside Vancouver, British Columbia. CAPREIT paid $29.2 million for the property, financed by cash.

Queen Anne Apartments is the largest apartment complex in Maple Ridge. This high-growth region is close to highways and transit easily connecting residents to the rest of Greater Vancouver. Amenities include recent upgrades to common areas, hallways and elevators, as well as in-suite features such as individual HVAC systems and open-concept kitchens and large bathrooms. Occupancy currently stands at 99.3%.

“Maple Ridge continues to attract residents seeking a high quality of life close to Greater Vancouver,” commented Mark Kenney, President and CEO of CAPREIT. “As one of the largest residential landlords in the region, we will look to generate operating synergies and economies of scale as we integrate this property with our existing Vancouver property management team.”

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

ABOUT CAPREIT
As Canada’s largest publicly-traded provider of quality rental housing, CAPREIT currently owns or has interests in approximately 66,900 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, in the Netherlands and Ireland. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.caprent.com or www.capreit.net.

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.