Property owner CAPREIT (TSX:CAR.UN) says it has purchased a group of residential buildings in Regina for approximately $17 million.
The property consists of six three-level buildings, totalling 124 suites.
The Toronto-based company said it will finance the acquisition with an existing $8.4 million mortgage with an interest rate of 3.05 per cent, and a maturity term of about nine years. The remainder will be funded with CAPREIT's acquisition and credit facility.
CAPREIT owns apartments, town homes and mobile home communities throughout Canada. As at September 30, it had owning interests in 41,555 residential units and 29 mobile home communities.
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