CAP REIT Sells Non-Core Townhouse Properties.TORONTO -- Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Apartment Properties Real Estate Investment Trust ("CAP REIT CAP REIT Canadian Apartment Properties Real Estate Investment Trust ") announced today that it has sold two mid-tier townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. properties located at 5-80 Varley Lane and 1-120 Beaverbrook Lane in Kanata, Ontario Kanata is a large suburban area in the western part of Ottawa, Ontario, Canada,it has a population of 90,000 and is growing rapidly. It is located just to the west of the Greenbelt and is one of the largest of several communities that surround central Ottawa. totaling 196 suites. The sale price of $16.75 million generated a gain on the disposition of approximately $2.5 million or $0.05 per Unit. "With the acquisition of the ResREIT properties in June, we effectively doubled the size of our portfolio and became one of Canada's largest residential landlords with properties from coast to coast," commented Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Schwartz, President and Chief Executive Officer. "With the significant increase in the size of our portfolio, we are closely examining our presence in each of our markets to ensure we are generating the best possible returns for our Unitholders. We had maximized the value we could produce from these two properties and determined it was in the best interests of our Unitholders to take advantage of the strong demand for rental residential properties in the Ottawa region." As one of Canada's largest residential landlords, CAP REIT (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension - CAR.UN) is a growth-oriented investment trust owning interests in 24,132 residential suites located in major urban centres from coast to coast across the country. Since its Initial Public Offering in May 1997, CAP REIT has grown monthly cash distributions per Unit by 51%. For more information about CAP REIT, its business and its investment highlights, please refer to our web site at www.capreit.net. Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) |
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