DivestmentsCanadian Apartment Properties REIT (CAP REIT) announced that it has entered into an agreement to sell its manufactured housing communities portfolio (MHC) to TPG Real Estate (TPG) for a total purchase price of $740 million.
Financial PerformanceIn 2023, the Canadian rental apartment portfolio generated same-property NOI growth of 6.2%, which accelerated to 7.4% in Q1/24.
Market FundamentalsFundamentals for rental apartments in Canada are extremely strong due to both strong immigration to Canada over the past several years and a shortage of affordable housing in Canada.