Killam Apartment REIT Completes Acquisition of 109-Unit Apartment Building in Halifax, Nova Scotia

Executive Summary

• Killam Apartment REIT completed the purchase of Forrest Green Apartments, a 13‑storey, 109‑suite building in Halifax for a gross price of $29.6 million.
• The transaction closed on January 27, 2026 with an implied going‑in cap rate of 5.0%; Killam plans to secure a new CMHC‑insured mortgage.
• The property consists primarily of large 2‑ and 3‑bedroom suites with average in‑place rent of $1,860/month, offering upside through rent mark‑to‑market and energy‑efficiency upgrades.

Key Details

• Acquisition target: Forrest Green Apartments, Clayton Park neighbourhood, Halifax, Nova Scotia.
• Size & composition: 13 storeys, 109 suites; ~66% three‑bedroom (≈1,400 sq ft), ~34% two‑bedroom (≈1,150 sq ft).
• Purchase price: $29.6 million gross.
• Closing date: January 27, 2026.
• Going‑in capitalization rate: 5.0%.
• Financing plan: Anticipated placement of a new Canada Mortgage and Housing Corporation (CMHC) insured mortgage on the property.
• Current rent profile: Average in‑place monthly rent $1,860; potential for rent growth as units turn over.
• Strategic rationale: Enhances Killam’s Halifax portfolio, aligns with long‑term growth strategy in core markets, and provides opportunities to improve operating efficiency via energy‑efficiency upgrades.
• Management comment: Philip Fraser, President & CEO, highlighted the property’s strong location, large suite mix, affordable rents, and upside from cost‑reduction initiatives.

Notable Quotes

“This acquisition represents a strong addition to our Halifax portfolio and aligns directly with our long‑term strategy for growth in our core markets… With these enhancements, we see potential to strengthen the asset's performance within our portfolio.” – Philip Fraser, President & CEO, Killam Apartment REIT