Killam Properties Inc. has completed the acquisition of a four-building, 244-unit apartment portfolio in Ottawa, Ontario. The portfolio includes 1425 Rosenthal Avenue (54 units), 1440 Mayview Avenue (103 units), 266 Bronson Avenue (43 units), and 621 Cummings Avenue (44 units). The centrally located buildings include 29 bachelor units, 149 one-bedroom units and 66 two-bedroom units, and have an average rent of $837 per month. The purchase price of this portfolio was $24 million, or $98,400 per suite.
This acquisition brings Killam’s apartment unit count in Ontario to 1,078 units (472 units held through a joint venture), representing 9.3 per cent of the company’s 11,638 unit apartment portfolio.