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Maritimes  + Cross Border News + Ontario  + Apartments  | 
Killam Apartment REIT has sold $72.2 million worth of assets

Killam Apartment REIT Sells $72.2M of Assets

Killam Apartment REIT sold $72.2 million worth assets in the second quarter.

Halifax-based Killam completed three dispositions during the period, the REIT said in its quarterly report.

Philip Fraser, Killam’s president and CEO, said the REIT is on track to sell $100 million of non-core assets and exceed its capital recycling program.

Killam sold a 108-unit apartment complex in Halifax for $33 million, a 102-unit property in Ottawa ($17.9 million) and 122 units in Charlottetown, P.E.I., for $21.3 million.

Two developments totalling 181 units achieved substantial completion during the second quarter, said Killam. The REIT is developing the 139-unit Carrick in Waterloo, Ont., has a 10-per-cent stake in Calgary’s Nolan Hill development and is committed to buying the remaining 90 per cent.  

The three-building Nolan Hill project is being built in three phases at a cost of $65 million. Killam expects to complete the first building in September and the other two by the end of 2023.


Inside The Story

Killam Apartment REITMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Development
  • ◦Financing
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