Killam Properties Inc. (Killam) has entered an agreement to acquire a 50 per cent interest in the newly constructed Kanata Lakes Apartments II in Ottawa. The 152-unit building, worth $48.7 million, will be partially owned by Killam for the purchase price of $24.4 million.

The property, located at 1025 Canadian Shield Avenue in Kanata, Ontario includes 129 one-bedroom and 23 two-bedroom apartments. Each unit features stainless steel appliances, granite countertops and en suite laundry. Building amenities consist of 196 underground parking stalls and a two-storey, 18,000 square foot clubhouse and fitness facility.

The property will be owned by Killam and its affiliates, KingSett and AIMCo.

“We welcome both KingSett, one of Canada’s most successful private equity investors in real estate, and AIMCo, one of the largest institutional investment managers in Canada, as JV partners, and strategic shareholders,” says Philip Fraser, President and CEO at Killam. “This relationship will enable us to increase our ownership interest in the Kanata Lakes development, from a 25% interest in Kanata Lakes I to 50% for Kanata Lakes II. We look forward to exploring future growth opportunities with KingSett and AIMCo.”