CAPREIT Completes $455MM Acquisition of 3,562 Suites in 14 Properties

Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")
(TSX:CAR.UN) announced today that it has completed the previously- announced
3,562 suite acquisition of 14 properties located in the Greater Toronto Area,
Southwestern Ontario, Montreal Region, Quebec City and Halifax. The purchase
price for the properties of approximately $455 million (including transaction
costs) was satisfied by: i) the assumption of approximately $184 million in
mortgages at a weighted average stated interest rate of 3.99% with a weighted
average term to maturity of 2.6 years; and ii) approximately $271 million from
the proceeds of CAPREIT's recent equity offering and the balance from the
Acquisition and Operating Facility.


The acquisition is pursuant to an agreement with Starlight Investments Ltd.
("Starlight") to acquire the properties upon the closing of the announced
transaction between Starlight and TransGlobe Apartment Real Estate Investment
Trust which was approved by TransGlobe Unitholders at a Special Unitholder
Meeting held on Wednesday, June 27, 2012.


With the completion of this acquisition, CAPREIT's geographic distribution of
its residential suites and sites is as follows: Greater Toronto Area (16,166 or
44.6%), Other Ontario (7,257 or 20.0%), Quebec (6,184 or 17.0%), British
Columbia (2,893 or 8.0%), Nova Scotia (1,588 or 4.4%), Alberta (1,698 or 4.7%)
and Saskatchewan (487 or 1.3%), with the majority being mid-tier (49.7%) and
luxury (34.2%) properties.


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 36,273 residential units, comprised of 32,908 residential
suites and 14 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.