MHC Match Capital Resources Corp

Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")
(TSX:CAR.UN) announced today that it has completed the previously announced
acquisition of 2,308 land lease sites in eleven Manufactured Housing Communities
("MHC") in New Brunswick.


The eleven communities are located primarily in scenic rural areas with most
close to the major centres of Saint John, Fredericton, Moncton, Bathurst and
Beresford. The portfolio includes Pine Tree Village, Atlantic Canada's premier
manufactured housing community with 828 modern and spacious sites in a park-like
setting adjacent to the Royal Oaks Golf Club. One community, White Frost Estates
situated on the Petitcodiac River near Moncton, includes 16.5 acres of
undeveloped land for future expansion. 


CAPREIT paid approximately $69.0 million for the MHC portfolio satisfied
initially in cash through CAPREIT's Acquisition and Operating credit facility. 


With the completion of this acquisition, CAPREIT's total MHC portfolio now
aggregates 6,178 land lease sites located in New Brunswick, Prince Edward
Island, Ontario, Saskatchewan, Alberta and British Columbia representing
approximately 14.9% of the REIT's total suites and sites.


"With this purchase we are further geographically diversifying our portfolio as
well as expanding and strengthening our presence in the highly stable MHC
business," stated Thomas Schwartz, President and CEO. "With the strong
capitalization rates being generated by the portfolio, we expect the properties
will be immediately accretive to our Funds from Operations and make a solid and
growing contribution in the years ahead."


About CAPREIT 

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented
investment trust owning interests in 41,550 residential units, comprising 35,372
residential suites and 29 manufactured home communities comprising 6,178 land
lease sites located in and near major urban centres across Canada and in Dublin,
Ireland. 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.
The closing of the acquisition described in this press release is subject to
standard closing conditions, including obtaining third party deliverables, which
are beyond CAPREIT's control. There are no assurances that the conditions to the
agreement will be satisfied or the proposed acquisition will be completed on its
current terms or at all.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788


CAPREIT
Mr. Thomas Schwartz
President & CEO
(416) 861-9404


CAPREIT
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771

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