Tricon Residential

Killam grows Canadian multifamily portfolio

Thursday, December 11, 2014

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.”

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