Halifax-based Killam Properties Inc Announces Further Expansion in Ontario with Two Luxury Properties
June 15, 2010
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Killam Properties announces the acquisition of two luxury apartment buildings consisting of 225 units, for a combined price of $46.7 million. These properties bring Killiam’s 2010 acquisitions to $100.7 million, the lower level of the company’s 2010 acquisition target of $100 to $150 million.
Killam has acquired 100 and 200 Eagle Street North in Cambridge, Ontario. The two riverfront apartments are of new concrete construction and include spacious units ranging from 1,000 to 1,400 square feet, modern features and five appliances. The buildings’ amenities include a fitness centre, guest suite, air conditioning and underground parking.
Constructed in 2008, 100 Eagle Street has 119 units with nine-foot ceilings, including three one-bedroom units, 59 two-bedroom units and 57 two-bedroom units with a den. The average rent is $1,523 per month. Constructed in 2004, 200 Eagle Street has 106 units, including 25 one-bedroom units and 81 two-bedroom units. The average rent is $1,351 per month.
The purchase price for the properties of $46.7 million was satisfied with a combination of the assumption of a 20-year mortgage for $10.1 million at 5.15 per cent, a new mortgage for $16 million at 4.5 per cent and the balance in cash.
“We are pleased to report progress on our apartment acquisition program in Ontario,” says Philip Fraser, Killam’s President and CEO. “Closing two Cambridge assets increases Killam’s apartment ownership in Ontario to 362 luxury apartment units. We have continued our acquisition focus on newer, high-quality assets.”
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