HALIFAX - Killam Properties Inc. (TSX:KMP) says it has completed the acquisition of a four-building, 244-unit apartment portfolio in Ottawa for $24 million.
Halifax-based Killam said the acquisition brings its apartment unit count in Ontario to 1,078, including 472 units held through a joint venture.
The total represents 9.3 per cent of Killam's 11,638 unit apartment portfolio.
The latest purchase includes 1425 Rosenthal Avenue (54 units), 1440 Mayview Avenue (103 units), 266 Bronson Avenue (43 units), and 621 Cummings Avenue (44 units).
The purchase price, equivalent to $98,400 per suite, was satisfied with the assumption of $13.2 million in existing mortgages with a weighted average interest rate of 4.69 per cent and the balance in cash.
"We are pleased to add this group of assets to our apartment portfolio," said Killam president and CEO Philip Fraser.
"We've been looking for acquisition opportunities in Ottawa over the last four years, believing it to be one of the strongest cities for long-term investment in Ontario.
Killam Properties is one of Canada's largest residential landlords, owning, operating and developing multi-family apartments and manufactured home communities.