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Halifax-based real-estate investment trust purchases duo of Langford rental buildings

Crossing at Belmont, a two building, 156-unit rental component of the #MyBelmont community on Victoria's West Shore, has been acquired by Halifax-based Killam Apartment REIT.  Ledcor Property Development / Marcos Riano Photography

Halifax-based real-estate investment trust purchases duo of Langford rental buildings
MIKE KOZAKOWSKI, CITIFIED.CA
A pair of rental buildings in Langford have sold to a Halifax-based real-estate investment trust (REIT), Citified has learned.
 
Killam Apartment REIT, publicly traded on the Toronto Stock Exchange under the symbol KMP, acquired Ledcor Property Development’s newly completed Crossing at Belmont rental complexes along Reunion Avenue comprised of 156 one and two-bedroom homes.
 
 
“We are pleased to continue to expand our apartment portfolio in Victoria,” said Philip Fraser, President and CEO of Killam Apartment REIT. “Crossing at Belmont consists of two, five-storey purpose-built rental buildings totaling 156 units. #MyBelmont is a part of a masterplanned community that has become a vibrant centre for the City of Langford and more importantly, has the sort of values and commitment to community that we truly appreciate.”
 
The deal represents Killam’s second real-estate play on southern Vancouver Island following the purchase of View Royal’s 161-unit Christie Point Apartments earlier this year.
 
Vancouver-based Ledcor Property Investments constructed Belmont Crossing 1 and 2 as the first phase of rental homes at #MyBelmont, which is centred around the Belmont Market retail plaza anchored by a Thrifty Foods grocery store.
 
“This transaction aligns perfectly with the #MyBelmont vision and values,” said Bill Fox, President of Ledcor Property Investments Ltd. “Killam Apartment REIT is well known and respected for their commitment to community, with core values that not only align with our tenants, but are ones that our neighbourhood will be proud of.”
 
In addition to Crossing at Belmont, Ledcor recently completed the first phase of condominiums at #MyBelmont, the 80 suite Belmont Residences West nearing sold-out status, while preliminary work is beginning on Belmont Residences East, an attainable condominium with 85 homes now in the pre-sale phase.
 
Marcela Corzo, #MyBelmont’s director of development, called Killam’s purchase a “tremendously positive show of confidence in #MyBelmont, the City of Langford and Victoria’s rental housing industry,” and said the company’s highly regarded status as one of Canada’s leading REITs will “ensure high quality rental housing is available to Langford residents for generations to come.”
 
Eric Gerlach, VP of Development of Ledcor Property Investments, offered his appreciation for all of the individuals who helped make Crossing at Belmont one of Langford’s most successful purpose-built rental projects.
 
“We sincerely thank the tenants of Crossing at Belmont, the public and community leaders in Langford for the trust that they have placed in us, and we are proud to deliver on our promises,” Gerlach said.
 
The City of Langford’s purpose-built rental housing industry has flourished in recent years, with over 2,000-units completed since 2018 and hundreds more under construction and in varying stages of post and pre-approvals. C

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