"We've been looking for acquisition opportunities in Ottawa over the last four years, believing it to be one of the strongest cities for long-term investment in Ontario," stated CEO Philip Fraser.
He added that the portfolio adds to Halifax-based Killam's first real estate play in the Ottawa area, which was the acquisition of Kanata Lakes Apartments in early 2012.
Properties included in Tuesday's purchase are:
- 1425 Rosenthal Ave. (54 units)
- 1440 Mayview Ave. (103 units)
- 266 Bronson Ave. (43 units)
- 621 Cummings Ave. (44 units).
Financing came from assuming $13.2 million in existing mortgages, with the balance in cash.
The capitalization rate on the acquisition was 5.6 per cent.