CAPREIT
A Canadian real estate investment trust focused on apartments, townhomes, and manufactured housing communities.
Last updated August 25, 2026
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Overview
Canadian Apartment Properties Real Estate Investment Trust, commonly known as CAPREIT, is a Canadian publicly traded residential real estate investment trust headquartered in Toronto, Ontario. The organization was established in 1996 by Thomas Schwartz and Michael Stein and completed its initial public offering in 1997. It developed into one of Canada's largest residential landlords and is described as the country's largest publicly traded apartment landlord. CAPREIT's core business is the ownership, management, and operation of rental housing. Its portfolio has included conventional apartment buildings, townhome communities, and manufactured housing communities. The trust's principal Canadian activities are complemented by European residential investments, particularly in the Netherlands and Ireland. As of 2022, the company owned or held interests in approximately 67,000 residential apartments, townhomes, and manufactured housing units across Canada, the Netherlands, and Ireland. The company reported assets exceeding $17.7 billion as of December 2021. A significant early expansion came in 2004, when CAPREIT acquired rival Residential Equities Real Estate Investment Trust for $500 million. At the time of the combination, the enlarged organization had 24,238 rental apartments and townhouse units across Canada. CAPREIT later broadened its exposure to manufactured housing communities, making its first acquisition in that segment in 2007. By 2017, the company's manufactured housing community portfolio had grown to 6,456 suites, illustrating its effort to treat trailer-park and manufactured-home operations as an institutional residential real estate category. In 2012, CAPREIT acquired Montreal's Olympic Village for $176.5 million. The property became one of the best-known assets associated with the trust and extended its profile beyond a conventional portfolio of apartment buildings. CAPREIT subsequently reorganized its European holdings. In 2019, it spun off approximately 2,000 rental units in the Netherlands into European Residential Real Estate Investment Trust, described as Canada's first European-focused residential REIT. CAPREIT retained an interest in the separate vehicle, which was reported to own more than 5,865 rental apartment units in the Netherlands. In March 2021, CAPREIT extended a €165 million agreement with European Residential REIT through 2023. CAPREIT was added to the S&P/TSX 60 index on June 22, 2020, marking a further recognition of its size and importance in Canada's public equity market. Its positioning is built around scale in rental housing, geographically diversified residential assets, and the professional operation of properties serving long-term tenants. Unlike a consumer brand, CAPREIT's offerings are primarily real estate assets and rental-housing services rather than packaged products. Its present identity therefore combines a large Canadian multifamily housing platform with selected European residential investments and related property-management capabilities.
History
CAPREIT was established in 1996 when Thomas Schwartz and Michael Stein partnered to create a Canadian residential real estate investment trust. The organization went public through an initial public offering in 1997. From its earliest years, its business model centered on assembling and operating rental apartments and townhome communities at institutional scale, rather than developing a consumer-facing product brand. The trust expanded materially through consolidation. In 2004, CAPREIT acquired Residential Equities Real Estate Investment Trust for $500 million. The merger gave the combined company 24,238 rental apartments and townhouse units across Canada and established a major platform in the country's multifamily rental market. CAPREIT subsequently diversified its residential property base. In 2007, it made its first acquisition in manufactured housing communities. This became a notable line of business: by 2017, its manufactured housing community portfolio had reached 6,456 suites. CAPREIT's portfolio also came to include prominent individual properties. In 2012, the trust purchased Montreal's Olympic Village for $176.5 million. The acquisition connected the company with one of Montreal's most recognizable residential complexes and illustrated the breadth of assets that could sit within its multifamily housing strategy. The company later adjusted its international structure. In 2019, CAPREIT spun off approximately 2,000 rental units in the Netherlands into European Residential Real Estate Investment Trust. The transaction created a separate European-focused residential REIT, described in the reference material as Canada's first of its kind. CAPREIT retained a stake in the new entity, which owned more than 5,865 rental apartment units in the Netherlands. In March 2021, CAPREIT extended a €165 million agreement with European Residential REIT through 2023, maintaining a formal relationship between the two organizations. By December 2021, CAPREIT had assets exceeding $17.7 billion. In 2022, it owned or held interests in approximately 67,000 apartments, townhomes, and manufactured housing units across Canada, the Netherlands, and Ireland. The company was added to the TSX 60 index on June 22, 2020. These developments show a progression from a Canadian apartment REIT founded in the 1990s to a large, publicly traded residential landlord with multiple housing formats and international exposure. Its history has been shaped principally by acquisitions, portfolio diversification, and the separation of European assets into a dedicated affiliated vehicle.
- 2021
European Residential REIT agreement extended
[1]CAPREIT extended a €165 million agreement with European Residential REIT through 2023.
- 2020
Added to the TSX 60
[1]CAPREIT was added to the S&P/TSX 60 index on June 22, 2020.
- 2019
European residential spin-off
[1]Approximately 2,000 Dutch rental units were spun off into European Residential Real Estate Investment Trust, with CAPREIT retaining an interest.
- 2012
Montreal Olympic Village acquisition
[1]CAPREIT purchased Montreal's Olympic Village for $176.5 million.
- 2007
Entry into manufactured housing communities
[1]CAPREIT made its first acquisition in the manufactured housing community segment.
- 2004
Residential Equities REIT acquisition
[1]CAPREIT acquired Residential Equities Real Estate Investment Trust for $500 million; the combined organization had 24,238 rental apartments and townhouse units.
- 1997
Initial public offering
[1]CAPREIT became a publicly traded real estate investment trust through an initial public offering.
- 1996
CAPREIT established
[1]Thomas Schwartz and Michael Stein established Canadian Apartment Properties Real Estate Investment Trust.
Products and positioning
A large-scale residential real estate investment trust focused on rental housing ownership, operation, and portfolio growth.
Multifamily residential real estate · 1997
Apartment rental housing
CAPREIT's central operating category is apartment rental housing. The trust owns or holds interests in apartment properties and manages them as income-producing residential assets. Its apartment platform is concentrated in Canada, with additional European exposure through affiliated and separately structured holdings. The business is based on long-term rental occupancy and professional property operations rather than one-time property sales.
Multifamily residential real estate · 1997
Townhome rental housing
Townhomes form part of CAPREIT's broader rental-housing portfolio alongside apartment buildings. They provide a lower-density residential format within the trust's multifamily strategy and were included in the portfolio involved in the 2004 Residential Equities REIT combination. CAPREIT presents these assets as part of an integrated platform of professionally operated rental communities.
Manufactured housing real estate · 2007
Manufactured housing communities
CAPREIT entered manufactured housing communities through its first acquisition in 2007. The segment subsequently became a meaningful part of its portfolio, reaching 6,456 manufactured housing community suites by 2017. It represents CAPREIT's institutional approach to operating residential communities beyond conventional apartments and townhomes.
International residential real estate · 2019
European residential investments
CAPREIT has held residential investments in Europe, particularly in the Netherlands and Ireland. In 2019, it transferred approximately 2,000 Dutch rental units into European Residential REIT while retaining an interest in that separate vehicle. This structure gives the company continuing exposure to European rental housing while placing the assets in a dedicated European-focused REIT.
Brand decisions
2021
Extend European Residential REIT agreementStrategyBackground
After the European holdings spin-off, CAPREIT continued its relationship with European Residential REIT through a formal financial agreement.
Action taken
In March 2021, CAPREIT extended a €165 million agreement with European Residential REIT until 2023.
Aftermath
The extension preserved the commercial relationship between CAPREIT and its European residential affiliate through 2023.
Agreement value. €165 million (Agreement extended in March 2021 through 2023)
2019
Spin off Dutch residential holdingsM&ABackground
CAPREIT reorganized its European residential assets into a separately focused vehicle.
Action taken
The company spun off approximately 2,000 rental units in the Netherlands into European Residential Real Estate Investment Trust and retained an interest in the new REIT.
Aftermath
European Residential REIT became a dedicated European residential platform. CAPREIT maintained a continuing relationship with it, including a later agreement extension.
2012
Purchase Montreal Olympic VillageM&ABackground
CAPREIT continued expanding its portfolio through the acquisition of a prominent large-scale residential property in Montreal.
Action taken
CAPREIT purchased Montreal's Olympic Village for $176.5 million.
Aftermath
Olympic Village became one of the best-known properties associated with CAPREIT.
Acquisition value. $176.5 million (2012)
2007
Enter manufactured housing communitiesStrategyBackground
CAPREIT sought to broaden its residential real estate exposure beyond conventional apartments and townhomes.
Action taken
The trust made its first acquisition in the manufactured housing community segment.
Aftermath
The segment expanded to 6,456 manufactured housing community suites by 2017.
2004
Acquire Residential Equities Real Estate Investment TrustM&ABackground
CAPREIT pursued the combination to expand its Canadian rental-housing platform through the acquisition of a smaller rival.
Action taken
CAPREIT acquired Residential Equities REIT for $500 million. The merged organization had 24,238 rental apartments and townhouse units at the time.
Aftermath
The transaction materially increased CAPREIT's scale and reinforced its position among Canada's major residential landlords.
Acquisition value. $500 million (2004)
Recent events
CAPREIT completes acquisition of Québec City apartment portfolio[3]
Reported:
CAPREIT completed the acquisition of three apartment buildings in Québec City, comprising 260 residential suites, for $72.8 million.
CAPREIT sells 124 Broadway Avenue property[3]
Reported:
CAPREIT sold 124 Broadway Avenue in mid-town Toronto, a property containing 86 suites, to a developer for $52.0 million.
CAPREIT acquires Parkway Gardens[4]
Reported:
CAPREIT announced that it had acquired Parkway Gardens, a senior affordable apartment community in St. Paul, Minnesota.
CAPREIT acquires Pure St. Peters apartments[5]
Reported:
CAPREIT announced that it had acquired Pure St. Peters, a recently developed market-rate apartment community with 143 homes. The acquisition was made in conjunction with Legacy Capital Partners.
Sources5 sources
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