True North Apartment REIT closes previously announced off-market acquisition of four Ontario Properties

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TORONTO, March 1, 2013 /CNW/ - True North Apartment Real Estate Investment Trust (the "REIT") (TSXV: TN.UN) announced today that it has closed the previously announced acquisition of four multi-family properties (the "Properties") in Ontario. The Properties are located in Kitchener, Guelph, and Brantford.

The aggregate purchase price of the Properties was $25.7 million, including an installment note.  For further information, please refer to the press release dated February 21, 2013 which may be found on the REIT's website at www.truenorthreit.com.

"We are pleased to have completed this accretive acquisition," stated Leslie Veiner, the REIT's Chief Executive Officer. "Our Ontario property portfolio continues to grow, and we look forward to building further on the strong performance we have experienced in the province to date."

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.

The REIT focuses on a long-term strategy to generate stable cash distributions on a tax-efficient basis for unitholders. The REIT intends to actively look for opportunities to expand its asset base and increase its distributable cash flow through acquisitions of additional multi-suite residential rental properties across Canada, the United States and other jurisdictions where opportunities may arise. Additional information concerning the REIT is available at www.sedar.com.

The TSX Venture Exchange ("TSXV") has neither approved nor disapproved the contents of this press release.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: True North Apartment Real Estate Investment Trust

Leslie Veiner,
Chief Executive Officer
[phone]

or

Martin Liddell
Chief Financial Officer
[phone]