UPDATED: Canadian Apartment Properties REIT (CAR-UN-T) is on a holiday season buying spree, adding six properties to its portfolio since Nov. 6, including a 436-apartment complex in Greater Montreal and 187 residential units in Regina. In all, CAPREIT has invested $292.5 million in new properties during the past six weeks.

“These transactions bring our 2025 acquisition volume to a total of $659 million in highly strategic, primely located assets, which come with low capital requirements and strong return profiles,” CAPREIT president and CEO Mark Kenney said in the announcement Tuesday morning. “We’re also continuing to purchase our recently constructed buildings at appealing pricing per square foot compared to replacement cost. 

“This ongoing transformation is further strengthening the quality and cash-flow performance of our irreplaceable rental apartment portfolio in Canada.”

Chief among the acquisitions is a newly built rental property in Laval, in Greater Montréal, which CAPREIT closed on Dec. 15. Constructed in 2020 and 2023 and previously under the RioCan Living banner, the two-building complex is known as Market and contains 436 apartments with large layouts and a range of amenities.

Located at 3440 and 3460 Saint-Elzéar Blvd. W., CAPREIT calls Market a “premium-quality site” located within walking distance to Marché 440 public market and the CF Carrefour Laval shopping centre. It is also a five-minute drive to highways 15 and 440 and about 10 minutes to Montmorency Metro station.

The property was purchased for $178 million, with CAPREIT assuming the $29.5-million mortgage at an annual rate of 3.3 per cent and a remaining term of just over seven years.

Regina acquisition

CAPREIT also closed Dec. 15 on the acquisition of the portfolio in Regina, at 1251 through 1291 McEachern Dr., and 5960 Little Pine Loop. Built between 2012 and 2015 in the Hawkstone and Skyview neighbourhoods, the property is surrounded by parks, playgrounds, restaurants, stores, services and future schools. 

The three buildings were acquired for $41 million, with CAPREIT assuming a $17.6-million mortgage (2.9 per cent annual interest, weighted average term to maturity of approximately 3.8 years).

Last week, CAPREIT completed the purchase of a 51-suite property built in 2024, known as Arla Manor at 1016 E 8th Ave., in Vancouver. Located near grocery stores, parks, schools and public transit options, it is a five-minute Skytrain ride to Metropolis at Metrotown, and a 25-minute drive to downtown Vancouver. 

It was purchased for $35 million, and CAPREIT assumed the outstanding mortgage of $27.2 million (3.2 per cent annual interest with a remaining term of approximately five years).

3 'vintage' properties in B.C.

In addition, CAPREIT took advantage of opportunities to purchase three “well-maintained, high-growth, low-rise vintage properties,” in British Columbia.

This includes the early-December acquisition of a 35-suite building in Mount Pleasant in East Vancouver; and the November purchases of two properties comprising a total of 98 suites in the James Bay area of Victoria. They are: Nell’s Place at 4502 Rupert St. in Vancouver; Terrace Green at 180 Croft St. and Glencairn Apartments at 477 Superior in Victoria.

Two of the assets are located directly adjacent to its existing properties owned by CAPREIT.

The three individual acquisitions were completed for a total $38.5 million, with CAPREIT assuming $12.6 million in aggregate mortgages (weighted average rate of 2.1 per cent per annum for a weighted average term to maturity of approximately 4.1 years).

CAPREIT's NCIB update

CAPREIT also announced that, as of Dec. 16, it has deployed approximately $94 million into its normal course issuer bid (NCIB) program since the end of Q3 2025, buying back shares at what it considers attractive prices.

“These latest acquisitions were purchased at a high-four per cent weighted average cap rate, with relatively attractive capex characteristics,” Julian Schonfeldt, CAPREIT’s chief investment officer, said in the announcement. “In addition, we’ve deployed capital into our NCIB program at a mid-five per cent cap rate, with $94 million invested since the end of Q3 2025.”

CAPREIT is Canada's largest publicly traded provider of rental housing.

As at Sept. 30, CAPREIT owned approximately 45,000 residential apartment suites and townhomes across Canada and, to a lesser extent, the Netherlands, with a fair value of approximately $14.5 billion. The REIT has been actively divesting its holdings in the Netherlands in recent months, including winding up operations of its subsidiary ERES REIT, which was focused on multifamily investment in the European nation.

EDITOR'S NOTE: RENX has added additional information about the properties CAPREIT has acquired after receiving new details from CAPREIT.