Canadian Apartment Properties Real Estate Investment Trust announced that it has completed the purchase of a six-storey 59-suite apartment and townhouse property located in downtown Kelowna, British Columbia. The property, completed in the spring of 2021, was acquired for $29.5 million, funded by CAPREIT's Acquisition and Operating Facility and the assumption of a $17.1 million mortgage maturing on December 1, 2026. Occupancy was 94.9% at closing, with three townhomes previously used as short-term rentals vacant on closing.

Management expects to rent these suites quickly given the property's superior quality and location. The property consists of twelve two-bedroom townhome units with an average size of 1,094 square feet, and twenty one-bedroom apartment suites and twenty-seven two-bedroom suites with an average size of 793 square feet. Located in downtown Kelowna near the city's Cultural District, the property is close to schools, grocery stores and transit.

Suite features include air conditioning, hydro submetering, quartz countertops, stainless steel appliances, in-suite laundry and nine-foot ceiling heights. Building amenities include 94 parking stalls, bicycle racks, and a large rooftop resident area with a built-in barbecue, fire pit and expansive green space with seating and planter boxes.