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Canadian Apartment Properties REIT sells Quebec asset for C$36M

Canadian Apartment Properties Real Estate Investment Trust sold the 419-unit Carrefour Des Erables apartment complex in Longueuil, Quebec, for approximately C$35.8 million.

The multifamily REIT will use the sale proceeds to repay C$20.6 million in outstanding mortgages on the property, with the rest to go toward the reduction of the company's acquisition and operating credit facility.