Halifax-based Killam Properties (TSX: KMP) has acquired two apartment buildings in Vanier.
The residential landlord says it paid $12.5 million for the 75-unit building at 50 Selkirk Street and the adjacent 61-unit building at 350 Mayfield Avenue. That puts the purchase price at $92,000 per unit.
The average rent in the buildings is $723 per month but the company says it plans to conduct capital upgrades that lead to higher rents.
OBJ360 (Sponsored)
Last month Ottawa Salus launched “Opening Doors to Dignity,” a $5-million campaign to construct a 54-unit independent living building on Capilano Drive. Set to open in late 2025, this innovative
Investing in the next generation: Ottawa businesses encouraged to build futures through mentorship
Do you remember the mentor in your life who helped shape your career? In the business world, success often depends on the connections we build, fuelled by guidance and support
While Killam says it paid cash for the two buildings, it now plans to take out a $7.8-million mortgage on the properties.
The company’s president and CEO Philip Fraser says the acquisitions will contribute to the company’s growth in the Ottawa market and increase the number of local rental units it holds to 628.
