Halifax-based Killam Properties Inc. has acquired a newly constructed eight-storey mixed-use building in downtown Toronto for $40 million.

The property, located at 1033 Queen St. W., contains 21,242 square feet of street-level retail space and 179 apartment units, 91 of which are affordable housing units. The apartment units are fully occupied, while 90 per cent of the commercial space has been leased.

The building, which is on leased land with a 50-year term, also includes 121 underground parking spaces.

This purchase brings Killam’s total acquisitions for the year to $104.3 million. This includes newly bought apartments ($99.2 million) and land for future development ($5.1 million).