Killam Buys 152-Unit Rental Property in Ottawa
- Nov 13, 2014
Killam Properties has acquired the 152-unit Kanata Lakes Apartments II, a newly-constructed luxury rental building in Kanata, Ontario, in the outskirts of Ottawa.
As the listing agent, ROCK Advisors Inc. Brokerage represented the seller, Lepine Corp. Based in Burlington, Ontario, ROCK is a leading commercial real estate firm focused exclusively on apartment brokerage services and on student housing. ROCK serves primary clients representing builders, owners and corporations of residential multi-family dwellings.
President & CEO Derek Lobo said the need for upscale rental real estate is on the rise, parallel with the population’s growth. “Kanata is ideal for young professionals who work in the surrounding high-tech sector, as well as for couples who want to downsize,” he added.
Halifax, Nova Scotia-based residential landlord Killam Properties picked up the asset for $47.6 million or $313,362 per unit deal. The company owns, operates and develops multi-family apartments and manufactured home communities. This property is currently owned through a joint venture between Killam and affiliates KingSett Capital and Alberta Investment Management Corp. AIMCo.
“Having Derek and the ROCK team onboard as the listing brokerage helped us to close the deal with Lepine and acquire a 50 percent interest in this Kanata Lakes building,” said Philip Fraser, president & CEO of Killam.
Located at 1025 Canadian Shield Ave., Kanata Lakes Apartments II is the second of five buildings and its 152 open-concept luxury suites average 950 square feet. The units have high ceilings with glazed finish, built-in European designed closets and panoramic windows with partial bay in most units, condo-style high-end kitchens, baths, hardwood floors throughout living and dining areas, plush carpet in bedrooms. Common space amenities include a fully-equipped clubhouse that boasts an indoor salt water pool, a state-of-the-art fitness center and leisure facilities such as spa-inspired lounge areas for tenants.
Units at Kanata Lakes Apartments rent for an average of $1785 and more than 90 percent are now occupied.