Killam Buys, Sells, Opens Apartment Buildings in Active Second Quarter

Killam Buys, Sells, Opens Apartment Buildings in Active Second Quarter
News| August 18, 2025| Monte Stewart
Canada + Apartment Buildings

Killam Apartment REIT completed 10 property transactions in Atlantic Canada during the second quarter and also opened a new building in Waterloo, Ont., to tenants.

The activity involved more than 695 residential units changing hands as the REIT advanced its capital-recycling strategy.

Killam sold two manufactured home community sites in Gander and Corner Brook, N.L.; two apartment properties in Grand Falls, N.L.; and three apartment properties in Charlottetown, P.E.I., representing an undisclosed number of units. After quarter-end, it sold a 60-unit townhouse complex in P.E.I. and secured a firm commitment to sell 521 units in P.E.I. by August 8. These transactions were expected to bring total 2025 dispositions to $127.9 million, aligning with Killam’s target range of $100 million to $150 million.

Proceeds are being redeployed into acquisitions, including 114 units in Fredericton, N.B., and the remaining 50% interest in three Ottawa assets previously held through a joint-venture.

The newly opened Waterloo property is known as the Carrick and comprises 169 units.

On the financing side, the Halifax-based REIT refinanced $94.6 million of maturing mortgages with $119.2 million of new debt at a weighted average rate of 3.52%, up 165 basis points from the maturing debt. Killam’s overall weighted average mortgage-interest rate rose eight bps to 3.53% from 3.45% at year-end 2024, with a weighted average term to maturity of 3.8 years.

Pictured: The Carrick, Killam’s newly opened apartment project in Waterloo, Ont.

Photo: Killam

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