Canadian REIT Buys 2 Apartment Buildings

NEW YORK CITY-Canadian Apartment Properties Real Estate Investment Trust, headquartered in Toronto, Ontario, has acquired a townhouse complex located near the intersection of Bloor Street and Dixie Road for $5.4 million. Constructed in 1967, the mid-tier property was purchased for $5.4 million, or about $93,000 per unit.

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.