- Canadian Apartment Properties Real Estate Investment Trust (CAR.UN) has acquired a four-building apartment campus in Maple Ridge
- With 147 suites on 3.15 acres of land, Queen Anne Apartments is the largest apartment complex in Maple Ridge
- CAPREIT purchased the property for C$29.2 million in cash, and will integrate it into the company’s Vancouver property management team
- The company believes that the apartment complex’s strategic location in a high-growth region will continue to attract residents
- Canadian Apartment Properties Real Estate Investment Trust is down 0.50 per cent and is currently trading for $50.96 per share
Canadian Apartment Properties Real Estate Investment Trust (CAR.UN) has acquired a four-building apartment campus in Maple Ridge.
The complex, Queen Anne Apartments, is located in the heart of the Maple Ridge town centre, just outside of Vancouver in British Columbia. It is situated in a high-growth region that is close to highways and transit, allowing for easy access to Greater Vancouver.
With 147 suites on 3.15 acres of land, Queen Anne Apartments is the largest apartment complex in Maple Ridge. Its amenities have been recently upgraded to include common areas, hallways and elevators for the buildings.
The updates have also included new in-suite features like individual HVAC systems, open-concept kitchens, and large bathrooms. Currently, the complex’s occupancy rate stands at 99.3 per cent.
CAPREIT added the property to its comprehensive real estate portfolio for C$29.2 million in cash. With the acquisition complete, the company plans to integrate the campus into its existing Vancouver property management team.
CAPREIT’s President and CEO, Mark Kenney, commented on the appeal of the area where the Queen Anne Apartments is strategically located.
“Maple Ridge continues to attract residents seeking a high quality of life close to Greater Vancouver,” he said.
“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,” he added.
Canadian Apartment Properties Real Estate Investment Trust is down 0.50 per cent and is trading for $50.96 per share, as of 11:52am EST.
