CAPREIT Acquires Major Manufactured Home Communities Portfolio

Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")
(TSX:CAR.UN) announced today that it completed the acquisition of a large and
well-established national portfolio of 12 manufactured home communities ("MHC")
comprised of 2,032 land lease sites from Killam Properties Inc. ("Killam")
(TSX:KMP). The MHCs are well located in Ontario, Saskatchewan, Alberta and
British Columbia. The total purchase price was approximately $72.3 million or
approximately $35,600 per land lease site and includes the acquisition of all
community services and amenities. The purchase price was satisfied by the
assumption of $38.4 million in existing mortgages with a weighted average stated
interest rate of 5.33% and a weighted average term to maturity of 3.0 years,
with the balance from the proceeds of CAPREIT's recently completed equity
offering. Details of the acquired portfolio are provided below.


In a related transaction, CAPREIT sold to Killam a 199-suite Greater Toronto
Area apartment property for a sale price of approximately $33.5 million. Killam
assumed the current mortgages on the property of approximately $15.0 million.


"We are very pleased to be expanding our presence in the Canadian manufactured
home communities sector," commented Thomas Schwartz, President and CEO. "With
this important transaction, we have grown our MHC presence across the country to
approximately 10.3% of our total portfolio."


"Our experience has been very positive since entering the MHC market in July
2007, with secure and stable long-term cash flows, high occupancies, steady
increases in average monthly rents, and significantly lower capital and
maintenance costs," Mr. Schwartz continued. "Importantly, the transaction will
be immediately accretive to our AFFO."


Homeowners in manufactured home communities own their home and enter into a
lease agreement for the lot which it is located on for a monthly rental charge.
Homeowners are responsible for all of their utility costs. The homes are
available in a variety of styles and floor plans and can be customized to an
owner's specifications.


"2012 will be a record year of portfolio growth for CAPREIT," Mr. Schwartz
concluded. "Looking ahead, we will continue to evaluate additional accretive
growth opportunities that add to our significant presence from coast to coast."


The following outlines details of the portfolio acquisition:



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Province (City)           Property                        Sites   Occupancy 
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Ontario                                                                     
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Orillia                   Fergushill Estates                152        99.3%
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Orillia                   Parkside Estates                  144        99.3%
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Orillia                   Silver Creek Estates              237        98.7%
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Sarnia                    Green Haven Estates               230        98.3%
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Trenton                   Bayview Estates                   146       100.0%
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Trenton                   Sunny Creek Estates               161        99.4%
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Beamsville                Golden Horseshoe                  268        98.9%
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Total Ontario                                             1,338        99.0%
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Alberta                                                                     
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Slave Lake                Lynwood Place                     109        95.4%
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Whitecourt                Evergreen Village                  73        97.3%
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Whitecourt                Hillpark Estates                  136        99.3%
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Total Alberta                                               318        97.5%
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British Columbia                                                            
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Gibsons                   The Poplars                       130        96.9%
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Saskatchewan                                                                
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Saskatoon                 Sunset Estates                    246        98.0%
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Total                                                     2,032        98.5%
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ABOUT CAPREIT

CAPREIT is a growth-oriented investment trust owning interests in multi-unit
residential rental properties, including apartments, townhomes and manufactured
home communities located in and near major urban centres across Canada. CAPREIT
owns interests in 32,711 residential units, comprised of 29,346 apartment and
townhome suites and fourteen manufactured home communities ("MHC") comprising
3,365 land lease sites. 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.