TORONTO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR) announced today that, since the first quarter of 2024, it has completed six acquisitions of new build rental apartment properties in Canada for an aggregate $387.4 million. CAPREIT also announced that it has closed on, or has entered into an agreement to close on, three non-core Canadian dispositions to non-profit organizations for combined gross proceeds of $89.3 million. All amounts disclosed herein exclude transaction costs and other customary adjustments. During the second quarter of 2024, CAPREIT has completed the acquisition of two strategically aligned properties: The first purchase was one newly built, 68-suite rental property located in downtown Halifax, Nova Scotia. The concrete apartment building was constructed in 2019, and was acquired in June for $29.4 million. CAPREIT assumed the $14.3 million in mortgage principal outstanding, which subsequently matured and was repaid in full. CAPREIT's second acquisition in June was another concrete, 178-suite high-rise apartment building located in a coveted central neighbourhood in Edmonton, Alberta. The premium property was built in 2023 and was purchased, following lease-up, for $79.3 million. CAPREIT assumed the existing $68.6 million mortgage, which carries interest at 3.6% per annum for a nine-year term to maturity (all rates disclosed herein refer to stated interest rates). In July, CAPREIT closed on four additional acquisitions of high quality, recently constructed rental apartment properties: The first was built in 2023, and contains 54 modern residential suites located in Ottawa, Ontario. The stabilized property was purchased for $21.0 million, and CAPREIT assumed the existing $15.9 million mortgage, which carries interest at 4.4% per annum for a term to maturity of four and a half years. CAPREIT also acquired a high-rise rental property containing 144 spacious residential suites, primely located near downtown Ottawa, Ontario. The 20-storey, concrete building was constructed in 2019 and purchased for $78.5 million. CAPREIT assumed the $10.4 million mortgage, which carries a below-market interest rate of 2.1% per annum for a remaining term to maturity of two and a half years. CAPREIT completed a further acquisition in July of one newly constructed property comprised of 173 modern, luxurious suites in West End, downtown Vancouver, British Columbia ("BC"). The 21-storey building is situated by the waterfront across from the Vancouver Harbour, providing exceptional views of the bay, mountains and skyline. Residents enjoy a short walk to the beach, park and downtown, as well as many easily accessible public transit routes to within and outside of Vancouver. The centrally located property was built in 2019, and was acquired for a purchase price ...