Killam Sells Saint John Apartment Complex for $15M
Killam Apartment REIT has sold a multi-residential complex in Saint John, N.B. for $15 million.
The Parkwood apartments comprise 205 units in 20 buildings. The complex was originally built in 1947 and acquired by Killam in 2004.
Halifax-based Killam announced the deal Wednesday in a news release. The REIT continued its recent trend of selling non-core assets to pay down debt.
“The sale of this property aligns with our strategy to optimize value from our existing portfolio,” said Philip Fraser, Killam’s president in the news release. “We continue to explore opportunities to increase overall efficiency of our portfolio and create value for our unitholders.”
As Connect reported, Killam earlier 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.
Killam is on track to sell $100 million of non-core assets and exceed its capital recycling program, Fraser said previously.
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.