Canadian Apartment Properties Real Estate Investment Trust sold its Georgian Towers property in Vancouver, British Columbia, and agreed to buy two new luxury apartment buildings in the City of Vancouver for C$32 million.
The sold property, located at 1450 W. Georgia St., consists of 162 suites.
The properties being acquired are located in a master-planned community and total 269 rental units. One of the buildings, with 155 rental suites, was completed in May and is almost fully occupied, and the second building with 114 suites is expected to complete in September, with close to full occupancy expected in December.
The acquisition is expected to close on or before Sept. 27.