Killam Properties Inc. has bought a four-building portfolio in Ottawa for $24 million, the company announced.
“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.
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Cornwall has emerged as one of Eastern Ontario’s most compelling locations for business investment, thanks to a combination of affordability, strategic positioning, and a steadily growing economic base.
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.
