By Joel Scanlon
Killam Properties, a residential landlord based in Halifax, Nova Scotia, Canada, has acquired a new luxury apartment complex in Metro Halifax, Nova Scotia. The new 81-unit apartment, called The Linden, is situated at 100 Royale Boulevard.
The Linden, Killam's most recent apartment acquisition, is a newly constructed, 81-unit concrete building in Metro Halifax. (CNW Group/KILLAM PROPERTIES INC.)
The four-story apartment building has an underground parking garage. The property’s total square footage is roughly 180,000 sq ft. The apartment building comprises 1 one-bedroom unit, 76 two-bedroom units and 4 three-bedroom units. The average rent for the units is $1,492 per month. The average size of the units is 1,400 sq ft.
Each unit in the apartment building contains six appliances comprising in-suite washer/dryer, granite countertops, wood and ceramic flooring, 9-ft ceilings, ensuite baths, glass balconies, accessing FibreOP internet and open-concept kitchens along with a peninsular bar. The property also includes a grand foyer fitted with two elevators, a fitness facility, a party room provided with a full kitchen for recreational groups, 25 exterior and 82 interior parking stalls, storage lockers and a lounge along with a glass terrace.
Killam Properties has paid $15.8 million for The Linden. The company obtained a 10-year CMHC mortgage of $11.2 million for the acquisition. With The Linden deal, Killam's total acquisitions have reached $93.6 million.
The Halifax apartment building, developed by Principal Developments, is currently 72% occupied. Philip Fraser, President and CEO of Killam, noted that the company has added The Linden to its Halifax portfolio and is looking forward to purchasing new buildings in Halifax from the developer in the future.