Killam To Sell Nearly 90% Of Manufactured Housing Portfolio For $194M
Killam Apartment REIT is moving to sell nearly 90% of its manufactured home sites through three transactions valued at $194.3M, marking a major withdrawal from the sector as it focuses on its apartment business.
The Halifax-based REIT entered 2026 with 5,805 sites across 38 communities in Ontario and Atlantic Canada. Its completed and pending sales cover 5,121 sites.
The largest pending transaction involves 3,021 sites valued at $93.8M, with closing expected in early 2027. A separate $50M agreement covering 1,354 Nova Scotia sites is expected to close in November.
Killam also sold 746 Ontario sites for $50.5M in August, using the net proceeds to repurchase units and reduce borrowings.
In manufactured home communities, residents typically own their homes while paying rent for the land beneath them.
CEO Philip Fraser said during the REIT’s Nov. 5 earnings call that manufactured housing remains a solid business, but Killam has little intention of expanding it.
“We’re not going to grow it. So therefore, let’s recycle that capital and put it back into our core business, which is apartments.”
Killam owns nearly 18,000 apartments across Canada and is considering smaller acquisitions in its stronger markets, including St. John’s, N.L., where apartment occupancy reached 97.8% in Q3.
The REIT has not identified specific acquisition targets or committed the remaining sale proceeds to new purchases.
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