November 12, 2012 – The Acquisitions Team has completed the acquisition of four more properties for the Skyline Apartment REIT.
On October 30th, the first property acquisition was made in the city of Hamilton (Ontario). The 82-unit building, located at 255 Bold Street on the intersection of Bold & Queen, had an approximate total purchase price of $7 million. The building, geared toward young professionals, boasts underground parking, balconies and newly-renovated units. The acquisition adds and strengthens to the REIT’s current Hamilton holdings, now increased to four properties with a total of 322 apartment units in the city. 255 Bold Street is shown above.
On November 2nd, another property acquisition was made in the city of Windsor (Ontario). This 34-unit building is located at 1071 McDougall Street, and the total purchase price was approximately $1.65 million. This property is across from Wigle Park, in a favourable location close to downtown.
Also acquired on November 2nd was a 35-unit building in Windsor. Its location is 3262 Sandwich Street, in Old Sandwich Town. The property is close to the University of Windsor and the Detroit River. The total purchase price was approximately $1.8 million, and the acquisition increases the REIT’s Windsor holdings to three properties with a total of 269 apartment units.
A 97-unit building was purchased in North Bay (Ontario) on November 5th. Its location is 295 Lakeshore Drive, and the total purchase price was approximately $7.8 million. This seniors-oriented property is located right on Lake Nipissing and boasts high-end suites, some with fireplaces, as well as an on-site rental office. The acquisition adds to and strengthens the REIT’s current North Bay holdings, now at two properties with a total of 151 apartment units and just over 5,000 square feet of commercial space.
“These four acquisitions represent great value to the Apartment REIT on several levels. We are increasing our stock in cities where we already have successful operations, and these operations will only improve in efficiency with each new addition. Additionally, we continue to execute on acquisitions that are at a significant discount to replacement cost, which gives us the opportunity to increase value in the near and long-term future.” – Jason Castellan, Co-founder and Chief Executive Officer of the Skyline Group of Companies
Post-acquisition, the Skyline Apartment REIT currently comprises 8,308 residential suites and approximately 700,000 square feet of commercial space in 110 properties, spread out across 42 communities in four provinces. The total internally appraised IFRS value of the Skyline Apartment REIT is nearly $713 million.