Killam REIT buys 60-unit Greenbank Road apartment in Ottawa for $21M

Greenbank
151 Greenbank Rd. via Google Maps.

A Halifax-based real estate investment trust has acquired a newly built apartment complex in Ottawa at a price of $20.7 million.

Killam Apartment REIT announced Monday it had purchased the five-storey, 60-unit complex at the corner of Greenbank Road and Craig Henry Drive. The REIT paid $345,000 per unit.

Developed by Ottawa-based Phoenix Homes, 151 Greenbank Rd. is currently 88 per cent leased and draws an average rental rate of $1,719 per unit.

Killam announced the Ottawa transaction in conjunction with an additional $67.3 million in real estate acquisitions, which saw the firm add properties in Halifax, Waterloo and Charlottetown to its portfolio.

In a release, Killam says it’s one of Canada’s largest residential property landlords, owning, operating and developing more than $2.7 billion in apartments and home communities. Its Ottawa portfolio now includes six apartment buildings in the core and east end of the city, as well as the four-building William’s Court complex in Kanata.

The Halifax-based REIT is also partnering with RioCan to develop an 840-unit apartment complex near Blair Station in Gloucester. RioCan will spearhead the development of the 7.1-acre property, with Killam taking over the property management once construction wraps up.

The first phase of the development, which is expected to feature a 220-unit, 23-storey building, is slated to finish by mid-2019, with the remainder of the project stretching on for up to 20 more years.