Killam Properties Inc. acquired of four properties in the first quarter of 2014, located in Ottawa, Moncton and Halifax, for $35 million.

The first acquisition, which took place on Feb. 21, 2014, involved a 35-unit apartment building in downtown Moncton. The $3.9 million steel and concrete building was built in 2004 and features a common area, fitness room, underground parking and high-end finishes.

On March 14, 2014, Killam acquired two adjacent properties in Ottawa: 50 Selkirk St., a 75-unit building, and a 61-unit building at 350 Mayfield Ave. These properties were purchased for a combined total of $12.5 million ($92,000 per unit).

The final acquisition, which is scheduled to close on April 15, will involve an 83-unit luxury apartment building in Halifax, located at 300 Royale Blvd. It will be purchased for $18.6 million.

“We are pleased to add these properties to our portfolio”, says president and CEO Philip Fraser. “The three acquisitions will have a weighted average cap rate of 5.2 per cent. The two properties in Atlantic Canada are condo quality and complement our existing portfolios in Moncton and Halifax. The buildings in Ottawa will contribute to our growth in that market and increase our unit count to 628 units.”