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Killam Apartment adds 4 assets to portfolio for C$99M

Killam Apartment REIT acquired two residential buildings at 246 and 300 Innovation Dr. in Halifax, Canada, for C$31.6 million.

The buildings have a total of 134 units and the purchase was funded through the assumption of C$22.5 million in mortgage debt insured by Canada Mortgage and Housing Corp., or CMHC, with the balance paid in cash.

The company also agreed to purchase 296 units in two newly constructed properties in Sherwood Park in Alberta, Canada, for C$67.5 million, representing a going-in, unlevered yield of 5.75%.

The price is expected to be funded with approximately C$50 million of CMHC-insured mortgages and the rest in cash.

The acquisition will close in two phases, with 124 units in Waybury Park being acquired Aug. 18, and the remaining units in Tisbury Crossing being acquired in the fourth quarter.

Waybury Park has an occupancy rate of 92% and Tisbury Crossing is about 60% leased.