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Killam Apartment REIT buys Victoria, British Columbia, property for C$54M

Killam Apartment REIT paid C$54 million to acquire the 161-unit Christie Point Apartments property in Victoria, British Columbia.

The company, which funded the deal using cash and its acquisition credit facility, expects to place mortgage financing on the asset in the first quarter.

The 99%-occupied property contains office space that the company intends to use in establishing a Victoria operating platform.

The asset has a development agreement in place, allowing for the phased redevelopment of the 15.8-acre site for an additional 315 units.