CAP REIT has also purchased a 17-story apartment building that is regarded as an "affordable" rental building. Built in the late 1960s at the intersection of Markham Road and Eglington Avenue, the trust paid $12.7 million for the property, which translates to about $66,000 per unit.
Commenting on the transactions, Thomas Schwartz, president and chief executive officer of CAP REIT, notes that while the Toronto market is one of the strongest in Canada, the firm has been able to locate and close acquisitions at accretive capital rates. CAP REIT owns freehold and co-ownership interests in multifamily units comprising more than 9,100 units, mostly in urban areas.
The firm went public in May 1997 and since then has raised the worth of its portfolio by 216% and reported growth in monthly cash distributions per unit of 47%.
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