Killam Apartment REIT bought two apartment buildings in Edmonton and Moncton, Canada, for C$41.0 million.
The newly built, eight-story Link building in southwest Edmonton, Alberta, traded for C$31.5 million. The 105-unit property is 88% occupied as of its initial lease-up.
The four-story property at 145 Canaan Drive in Moncton, New Brunswick, changed hands for C$9.5 million. The fully leased building has 48 units and shares a parking lot with the company's apartment property at 155 Canaan.
The Canadian multifamily real estate investment trust used cash on hand from its recent equity offering to fund the purchases.