Killam Apartment REIT Completes Acquisition of 109-Unit Apartment Building in Halifax, Nova Scotia
Killam Apartment REIT Completes Acquisition of 109-Unit Apartment Building in Halifax, Nova Scotia |
| [30-January-2026] |
HALIFAX, NS, Jan. 30, 2026 /CNW/ - Killam Apartment REIT ("Killam") (TSX: KMP.UN) is pleased to announce that it has completed the acquisition of Forrest Green Apartments, a 13-storey, 109-suite apartment building located in the Clayton Park neighbourhood of Halifax, Nova Scotia. The acquisition closed on January 27, 2026, for a gross purchase price of $29.6 million. The going-in capitalization rate on the purchase is 5.0%, and Killam anticipates placing a new CMHC-insured mortgage on the property.
"This acquisition represents a strong addition to our Halifax portfolio and aligns directly with our long-term strategy for growth in our core markets. The large suites and affordable in-place rents position us well to meet the strong demand for this product," noted Philip Fraser, President and CEO. "This is a well-located property that has been well-maintained and which offers additional opportunities to reduce operating costs through energy-efficiency upgrades. With these enhancements, we see potential to strengthen the asset's performance within our portfolio." Forrest Green was constructed in 1973 and comprises exclusively large suites: two-thirds are 3-bedroom, 1,400 square foot suites, and the remaining one-third are 2-bedroom, 1,150 square foot suites. The average in-place monthly rent is $1,860, with a meaningful mark-to-market opportunity as units turn, providing a stable runway for organic growth. About Killam Apartment REIT Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating and developing a $5.6 billion portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions which target newer properties and through the disposition of non-core assets, and 3) developing high-quality properties in its core markets. For information, please contact: Claire Hawksworth, CPA Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this press release may constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "continue", "opportunity" or the negative of these terms or other comparable terminology, and by discussions of strategies that involve risks and uncertainties. This press release contains forward-looking statements relating to, among other things, the anticipated financing of Forrest Green, the effect of the acquisition on Killam's portfolio, Killam's long term strategy and core market growth, Killam's ability to meet demand, the characteristics and expected rental rates of the newly acquired property, the anticipated benefits and operating expense reductions related to Killam's energy investment plans, Killam's opportunities for organic growth, and Killam's priorities. These forward-looking statements are based on our expectations, estimates, forecasts, and projections, which we believe are reasonable as of the current date. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of Killam to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements; including the effectiveness of measures intended to mitigate competition; national and regional economic conditions and the availability of capital to fund further investments in Killam's business. For more detailed information on these and other risks and uncertainties, you should refer to our most recently filed annual information form and management's discussion & analysis, each of which is available atwww.sedarplus.ca. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made and should not be relied upon as of any other date. Other than as required by law, Killam does not undertake to update any of such forward-looking statements. SOURCE Killam Apartment Real Estate Investment Trust | ||
Company Codes: Toronto:KMP.UN |
