CAPREIT Acquires 263-Suite Apartment Complex in Calgary, Alberta

Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")
(TSX:CAR.UN) announced today that it has completed the acquisition of a mid-tier
apartment complex in Calgary, Alberta consisting of six three-story buildings
totaling 263 residential suites. The purchase price of $47.3 million was
satisfied by the assumption of an existing $7.2 million mortgage bearing
interest at 6.95% maturing in October 2017, with the balance funded from
CAPREIT's Acquisition and Operating Facility.


The property complex is located in the heart of downtown Calgary next to the
Beaver Dam Flats neighbourhood and is close to parks, schools, walking and
cycling paths and transportation links.


"This is our first acquisition of the new year following record portfolio growth
in 2012," commented Thomas Schwartz, President and CEO. "We are pleased to add
this quality property to our growing Calgary portfolio, and expect cash flows
from the property will increase as we benefit from economies of scale and our
proven property management and procurement programs."


About CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented
investment trust owning interests in 37,488 residential units, comprising 34,118
residential suites and 14 manufactured home communities ("MHC") comprising 3,370
land lease sites located in and near major urban centres across Canada. For more
information about CAPREIT, its business and its investment highlights, please
refer to our website at www.capreit.net and our public disclosure, which can be
found under our profile at www.sedar.com.


CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

All statements in this press release that do not relate to historical facts
constitute forward-looking statements. These statements represent CAPREIT's
intentions, plans, expectations and beliefs and are subject to certain risks and
uncertainties that could result in actual results differing materially from
these forward-looking statements. These risks and uncertainties are more fully
described in regulatory filings that can be obtained on SEDAR at www.sedar.com.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CAPREIT
Mr. Michael Stein
Chairman
[phone]


CAPREIT
Mr. Thomas Schwartz
President & CEO
[phone]


CAPREIT
Mr. Scott Cryer
Chief Financial Officer
[phone]
www.capreit.net