TORONTO, ONTARIO -- (Marketwire) -- 07/30/10 -- Canadian Apartment Properties Real Estate Investment Trust (TSX: CAR.UN) ("CAPREIT") announced today that it has acquired eight low-rise and mid-rise apartment properties in or near Victoria, British Columbia totalling 307 suites. The properties are well situated in high growth markets close to schools, parks, public transit and other amenities. The purchase price of approximately $46.7 million, excluding closing and transaction costs, was funded by $25.6 million in new mortgage financing, the assumption of one mortgage of $0.8 million maturing in February 2016, and the balance from the Acquisition and Operating Facility. With these acquisitions, and after the additional transactions discussed below, CAPREIT has increased its British Columbia portfolio to a total of 2,268 suites now representing approximately 8% of the total portfolio.

"We are extremely pleased to be enhancing the geographic diversification of our portfolio and increasing our presence in the high growth British Columbia market," commented Thomas Schwartz, President and Chief Executive Officer. "These are quality properties with significant upside potential. By applying our proven property management and value-enhancing strategies, we are confident the buildings will make a solid and growing contribution to our results in the years ahead."

In addition to the above acquisition, CAPREIT has sold five non-core apartment properties, aggregating 570 suites, for a total sales price of $45.9 million, excluding closing and transaction costs. Four properties are located in Kitchener, Ontario, with the fifth in Mississauga, Ontario. CAPREIT will recognize a gain of approximately $8.1 million on the sale. The properties being sold were non-core to CAPREIT's long-term plans. After estimated closing costs, and the repayment of approximately $20.1 million in mortgages, the net cash proceeds from the sale were approximately $23.2 million.

CAPREIT also announced today that it had sold two apartment properties in two separate transactions, comprising 338 suites located in Montreal, Quebec for total sales prices of $14.8 million, excluding closing and transaction costs. The two sales transactions resulted in a net gain of approximately $1.3 million. After estimated closing costs, and the repayment of approximately $5.9 million in mortgages, the net cash proceeds from the sales were approximately $7.5 million.

"One of our stated strategies is to continually monitor our portfolio to identify non-core properties, and to redeploy the capital from their disposition to acquire strategic assets better suited to our targeted portfolio composition and property management objectives," Mr. Schwartz stated. "We believe we had maximized the value we could achieve with these non-core properties and determined we could generate cash from these sales to repay bank indebtedness and help finance our future growth initiatives."

As one of Canada's largest residential landlords, CAPREIT (TSX: CAR.UN) is a growth-oriented investment trust owning interests in 27,228 residential suites and two manufactured home communities comprising 1,316 land lease sites located in or near major urban centres from coast to coast. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly distributions per Unit by 51%. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net.