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Killam Apartment REIT Expands Portfolio and Geographic Diversification with $54 Million Apartment Purchase in Victoria, BC
Killam Apartment REIT Expands Portfolio and Geographic Diversification with $54 Million Ap...
About this update from Killam Apartment Reit
[{"type":"text","content":"\n\n\n\nKillam Apartment REIT Expands Portfolio and Geographic Diversification with $54 Million Apartment Purchase in Victoria, BC\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nHALIFAX, Jan. 15, 2020\n\n\n\nHALIFAX, Jan. 15, 2020 /CNW/ - Killam Apartment REIT (TSX: KMP.UN) has acquired Christie Point Apartments, a 161-unit property for $54 million ($335,000 per unit) using cash and its acquisition credit facility. Killam expects to place mortgage financing on the asset during the first quarter. \nThe property features five, two-storey buildings and four, two-storey townhouse buildings on a waterfront peninsula with 6,000 feet of direct water frontage. Located in the sought-after View Royal neighbourhood, the property is close to transit, highways, shopping, a hospital and schools. These two and three-bedrooms units were originally built in 1963 and the property has a heated, outdoor swimming pool, community garden, social room and scenic trails along the waterfront.\nChristie Point Apartments is currently 99% occupied and contains office space that Killam will use in establishing a Victoria operating platform. The property has a development agreement in place, which allows for redevelopment of the 15.8 acre site in phases, for an additional 315 units.\n\"We are pleased to extend our apartment portfolio to Victoria,\" noted Philip Fraser, President and CEO. \"Christie Point Apartments is an attractive first acquisition in the Victoria market due to its size, location, and revenue growth potential, as well as the longer-term redevelopment opportunities. Our acquisition pipeline is robust as we start 2020 and we continue to seek opportunities to accretively grow our portfolio across Canada.\"\nAbout Killam Apartment REIT\nKillam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential landlords, owning, operating and developing a $3.2 billion portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing op...