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Canadian Residential

True North Apartment REIT Completes Previously Announced Subscription Receipt Offering

FOR IMMEDIATE RELEASE

NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES

Toronto, ON (September 11, 2012) – True North Apartment Real Estate Investment Trust (the REIT”) (TSXV: TN.UN) is pleased to announce that it has closed its previously announced bought deal offering (the Offering”) of subscription receipts (the Subscription Receipts”). The REIT also announced that the syndicate of underwriters, co-led by CIBC and Raymond James Ltd., have exercised their over-allotment option (the Over-Allotment Option”) in the full amount. The REIT issued an aggregate of 13,466,500 Subscription Receipts at a price of

$4.27 per Subscription Receipt (including 1,756,500 Subscription Receipts pursuant to the Over- Allotment Option) for gross proceeds of $57,501,955. The Subscription Receipts will commence trading today on the TSX Venture Exchange under the symbol TN.R”.

The net proceeds from the Offering will be used to satisfy the cash portion of the acquisition price of the previously announced acquisition of a portfolio of residential properties comprising 26 properties that contain 2,076 residential suites and are located in Ontario, New Brunswick and Nova Scotia (the Acquisition”). The Acquisition is expected to close in early October, 2012 and is subject to minority unitholder approval at a unitholder meeting scheduled to be held on September 28, 2012, Competition Act approvals and satisfaction of customary closing conditions, including satisfactory due diligence and lender consents. The net proceeds from the Over-Allotment Option will be used for future acquisitions and general trust purposes.

On closing of the Acquisition: (i) one REIT unit will be automatically issued in exchange for each Subscription Receipt (subject to customary anti-dilution protections), without payment of additional consideration, (ii) an amount per Subscription Receipt equal to the amount per REIT unit of any cash distributions made by the REIT for which record dates have occurred during the period that the Subscription Receipts are outstanding will become payable in respect of each Subscription Receipt, and (iii) the net proceeds from the sale of the Subscription Receipts will be released from escrow to the REIT.

In the event that: (i) the closing of the Acquisition does not occur on or before November 30, 2012, (ii) the REIT delivers a notice declaring that the agreement relating to the Acquisition has been terminated or that the REIT will not be proceeding with the Acquisition, or (iii) the REIT publicly announces by press release that it does not intend to proceed with the Acquisition, each Subscription Receipt will entitle the holder thereof to receive an amount equal to the full offering price and a pro rata share of interest thereon.

The Subscription Receipts were qualified by a prospectus dated August 31, 2012 which has been filed with the regulatory authorities and is available at www​.sedar​.com.

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. Additional information concerning the REIT may be obtained from the management information circular dated May 4, 2012 of Wand Capital Corporation and is available at www​.sedar​.com.

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.

Forward-looking Statements

Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT’s financial position and results of operations as at and for the periods ended on certain dates and to present information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to the REIT’s future outlook and anticipated events, including completion of the Acquisition and the anticipated use of the net proceeds of the Offering, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the REIT or the real estate industry are forward-looking statements. In some cases, forward-looking information can be identified by such terms as may”, might”, will”, could”, should”, would”, occur”, expect”, plan”, anticipate”, believe”, intend”, seek”, aim”, estimate”, target”, project”, predict”, forecast”, potential”, continue”, likely”, schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts.

Forward-looking statements necessarily involve known and unknown risks and uncertainties, that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the REIT’s control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, the risks discussed in the REIT’s materials filed with Canadian securities regulatory authorities from time to time. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward- looking statements as there can be no assurance that actual results will be consistent with such forward-looking statements.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, including the closing of the Acquisition, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the Canadian economy will remain stable over the next 12 months; inflation will remain relatively low; interest rates will remain stable; conditions within the real estate market, including competition for acquisitions, will be consistent with the current climate; the Canadian capital markets will provide the REIT with access to equity and/​or debt at reasonable rates when required; and the risks identified or referenced above, collectively, will not have a material impact on the REIT. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

The Subscription Receipts have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of that Act. This new release does not constitute an offer to sell the Subscription Receipts in the United States.

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.

For further information, please contact:

Leslie Veiner
President and Chief Executive Officer
(416) 234‑8444

or

Martin Liddell
Chief Financial Officer and Secretary
(416) 234‑8444