Killiam Acquires 11-Building Portfolio West Of Toronto
1 min read
Halifax-based real estate investment trust Killiam Apartment REIT is set to increase its Ontario portfolio by nearly 25 percent after a recent acquisition totalling $190.5 million. The purchase includes an 11-building portfolio that sits atop four properties in Kitchener and Waterloo.
In the announcement, Philip Fraser, Killam’s president and CEO, stated, “We are pleased to expand our portfolio in the Kitchener and Waterloo market. This investment will be a valuable addition to our portfolio based on its attractive locations, alignment with our existing asset base and an opportunity for net operating income growth through unit repositioning and energy-saving investments.”
The portfolio comprises bachelor, one-bedroom, two-bedroom and three-bedroom units that are currently 98 percent occupied. Expected to close on June 30th of this year, the purchase price represents a per-unit price of approximately $243,000.
Learn more about Killiam Apartment REIT’s Kitchener-Waterloo acquisition.
Reference
Wilcox, D. (2021, May 26). Killam buying 11 Kitchener-Waterloo apt. buildings for $190M [web log]. https://renx.ca/killam-buying-4-kitchener-waterloo-apartment-properties-for-190m/.
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