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.