[HALIFAX, NS] - Halifax-based Killam Properties Inc. has acquired The Linden — a new 81-unit luxury apartment building located at 100 Royale Boulevard in Halifax Regional Municipality — for $15.8 million.
Construction of the four-storey, concrete apartment building, with underground parking, was completed in November 2011. The building's total square footage is approximately 180,000 square feet and it contains 81 units, including 76 two-bedroom units, four three-bedroom units, and one one-bedroom unit. Still in its initial lease-up stage, the building is currently 72 per cent occupied.
The purchase of The Linden brings Killam's total acquisitions, year-to-date, to $93.6 million.
"We have built a relationship with the developer of this property, Principal Developments Limited, and look forward to the opportunity to acquire additional new, high-quality buildings in Halifax from them in the future," says Philip Fraser, Killam's president and CEO. "We are optimistic about the city's long-term economic growth prospects following the October announcement that Halifax's Irving Shipbuilding Inc. is the successful bidder for the $25-billion contract to build Canada's new fleet of combat vessels."
