Canadian residential landlord Killam Properties Inc. (Killam) has fully acquired or acquired interest in three multifamily rental properties in Ontario and one in Alberta. The $97.1-million in acquisitions, which were originally announced on Nov. 10, include apartment communities in London, Ottawa, Mississauga and Calgary.
The acquired buildings and interest include:
- A 127-unit property at 180 Mill Street in London, Ont. (100 per cent ownership);
- A 146-unit property in Ottawa, Ont., known as Kanata Lakes Apartments (25 per cent interest);
- A 199-unit property at 1355 Spear Road in Mississauga, Ont. and land for an estimated 110 additional units (25 per cent interest); and
- A 307-unit building, known as Grid 5 Apartments, in downtown Calgary, Alta. (50 per cent interest).
The total investment for the Ontario acquisitions was $47.1-million while the purchase price for the 50 per cent interest in Grid 5 was $50-million.
“We are pleased to have completed these four acquisitions so soon after closing our recent equity offering,” says Philip Fraser, President and CEO at Killam. “With these acquisitions, Killam has completed $160-million in acquisitions in 2014, our largest year of acquisitions since 2005.”