11:03 AM EDT, 06/02/2025 (MT Newswires) -- Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) on Monday said it plans to construct 120 residential rental suites on excess land in Mississauga, Ontario, with construction is expected to being in 2027, with a targeted completion date of 2028.

After incentives, total development costs are expected to be $58 million, representing $570 per leasable square foot, a statement noted.

The REIT is also converting certain underutilized non-residential spaces within its apartment portfolio in the greater Toronto and Vancouver areas, to construct 50 additional residential rental suites at a total cost of $17 million.

The REIT's units were last seen up $0.54 to $45.30 on the Toronto Stock Exchange.

Price: 45.40, Change: +0.64, Percent Change: +1.43