Canada based real estate investment trust Killam Properties Inc. (TSE:KMP.UN) tells MHProNews that the company has closed on two Canadian acquisitions worth $26.2 million, including 153 apartment units in London, Ontario, and 66 units in Calgary, Alberta.
On December 22, Killam acquired a five building portfolio in London for $13.4 million, or $87,500 per unit. Killam’s London portfolio now consists of 417 total rental units.
On January 16, Killam acquired Spruce Grove Lane Apartments, its second apartment property in the city of Calgary. The 3-acre site consists of 66 townhouse-style apartments, with a purchase price of $12.8 million, or $195,000 per unit.
“We are pleased to grow our rental portfolios in both London and Calgary,” noted Philip Fraser, President and CEO.
“We have been monitoring the Calgary rental market over the last year and Spruce Grove Lane Apartments, located in a sought-after residential neighborhood, has great upside. We have the opportunity to add value and grow net operating income at this property.”
The acquisitions bring the company’s total for 2016 to $70 million, which exceeds management’s goal of $50 million in acquisitions for the year.
Killam also received recommendations from rating agencies recently, with an average recommendation of “buy,” from TD Securities and “sector perform” from Scotiabank. That story is linked here.
As Daily Business News readers are aware, in addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.
Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the recent closing numbers yesterday on all MH industry-connected tracked stocks, please click here. ##
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.