On Tuesday, August 20th, 2013, Skyline Apartment REIT purchased its fifth property in the city of St. Catharines, ON. The new complex, located at 398-400 Vine Street, had a purchase price of $21 million and is comprised of 171 units. The property is close to the city’s downtown area, with parks and restaurants steps away.
“This exceptional property further intensifies our holdings on Vine Street in St. Catharines,” says Jason Castellan, Co-Founder and CEO of the Skyline Group of Companies. Leveraging off of our strong management team in our two other Vine Street properties, we now have the opportunity to even better serve our tenants. This purchase will help maximize the Skyline brand; it’s in a great location that will drive value through economies of scale as well as through enhanced tenant services.”
Post-acquisition, Skyline Apartment REIT currently comprises 9,662 apartment units in 122 properties spread out across 42 communities in four provinces, and approximately 700,000 square feet of commercial space. The total internally appraised IFRS value of Skyline Apartment REIT is approximately $925.35 million.