Affordable Housing Complex Considered Non-Core Following Recent Portfolio Evaluation
By Jessica Stevenson
July 20, 2020
Canadian Apartment Properties Real Estate Investment Trust, known as CAPREIT, announced the disposition of the Queen’s Park Village Townhomes for $30.5 million, or about $162,000 per unit.
CAPREIT had owned the 188-suite townhome community located at 501 40th Ave. in Calgary, Alberta, since December 2002.
Built in 1977, the most recently reported vacancy for the property was 4.25%, according to CoStar information. The company’s last reported overall occupancy for its portfolio was 98.2%. The buyer of the community was not disclosed.
“As a key component of our value enhancing strategies, we are constantly evaluating our entire asset base to ensure all our properties are generating strong and stable returns for our unitholders,” said CAPREIT CEO Mark Kenney in a statement announcing the property sale. Kenney added that he believed the REIT had achieved the maximum value for the asset.
In its June 2020 investor presentation, Kenney showed the company’s multifamily asset diversification as comprised of 90% value-add properties, 5% new construction, and 5% manufactured homes.
The company is growing its portfolio with more newly-built communities to modernize while adding manufactured homes for stability.