CAPREIT Expands Presence in Calgary Market

Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")
(TSX:CAR.UN) announced today that it has completed the acquisition of two
apartment properties in Calgary, Alberta totaling 405 residential suites. The
purchase price for the two properties was approximately $68.4 million, satisfied
by the assumption of existing mortgages of $31.0 million bearing a weighted
average interest rate of 3.38% with the balance from CAPREIT's Bridge Facility.


The first property is a high rise mid-tier building with 152 well-appointed one
and two-bedroom suites in downtown Calgary. The second property is a low rise
mid-tier three-storey building comprised of 253 spacious one, two and
three-bedroom apartments, many with fenced yards located in NE Calgary. Both
properties are close to public transportation and key amenities.


"We are pleased to be expanding our presence in the strong downtown Calgary
market," commented Thomas Schwartz, President and CEO. "We are confident the
addition of these two high-quality properties to our growing Western Canadian
portfolio will generate increased cash flows as they benefit from our regional
management infrastructure and our proven property management programs."


About CAPREIT

CAPREIT owns interests in multi-unit residential rental properties, including
apartments, townhomes and manufactured home communities located in and near
major urban centres across Canada. CAPREIT has owning interests in 36,683
residential units, comprised of 33,313 residential suites and 14 manufactured
home communities ("MHC") comprising 3,370 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.