CAPREIT Buys Community for $70M
- Apr 18, 2019
CAPREIT has acquired Willoughby Walk, a 191-unit purpose-built, newly completed community in Langley, British Columbia, for $69.6 million. The acquisition was funded by the company’s Acquisition and Operating credit facility, which will be repaid by the CMHC-insured mortgages.
Located at 20839 78B Ave., Willoughby Walk is near the Trans-Canada Highway, approximately 6 miles from downtown Langley City and 8 miles from Langley Regional Airport. Additionally, the community is located close to shopping centers, coffee shops, schools and a community park. The units of the newly constructed property feature condominium-style finishes. Communal area amenities include:
- underground parking
- electric vehicle charging stations
- fitness center
- play area
- rooftop patios
“This acquisition is another example of how we are modernizing our property portfolio by acquiring newer properties in strong markets,” commented Mark Kenney, president & CEO of CAPREIT, in prepared remarks. “We will continue to re-position our portfolio over time to provide our residents with the best experience while capitalizing on the accompanying reduction in our overall capital expenditures.”
At the beginning of April, CAPREIT sold Waverley Place, a 300-unit community in Naples, Fla.