Pier 4 REIT has acquired three Halifax apartment buildings containing 141 units for $22.56 million, expanding its Atlantic Canadian portfolio.

The transaction, which closed Aug. 31, values the portfolio at about $160,000 per apartment. The three-storey buildings, all constructed in the 1970s, are located at 2–18 Foxwood Terr., 46 River Rd. and 15 Sylvia Ave.

The unit mix comprises one bachelor apartment, 78 one-bedroom units, 46 two-bedroom units, 14 three-bedroom units and two four-bedroom units. The properties also provide on-site laundry facilities and 141 surface parking spaces.

Pier 4 plans to renovate vacant suites and make energy-efficiency upgrades as part of a broader capital-improvement program. The Toronto-based investment manager targets well-located apartment properties in secondary Canadian markets where it sees opportunities to improve operations and create long-term value.

Atlantic Canada now accounts for roughly one-quarter of Pier 4’s total unit count. Its national portfolio includes more than 55 properties and 2,500 apartments across 14 communities in Ontario, New Brunswick and Nova Scotia, representing about $535 million in assets under management.

Chairman and co-founder Darrell Ashby said rental fundamentals and growing communities continue to create compelling opportunities in the region. Pier 4 expects to complete additional Atlantic Canadian acquisitions before year-end.