As the end of the third quarter of 2012 fast approaches, Skyline Apartment REIT isn’t wasting any time capitalizing on opportunities in the marketplace to add to its expanding multi-residential portfolio. In fact, the REIT anticipates that it will grow the value of its portfolio by nearly 20% by the end of this year with up to 14 new properties currently under contract and the possibility of others to be added along the way. To start the acquisition spree off with a running start, the Skyline Apartment REIT purchased two apartment properties this week alone. The first, a 200 multi-residential unit building with an additional 7,070 square feet of commercial space in Windsor (Ontario), is located at 737 Ouellette Ave. in the city’s downtown core. The second property is comprised of 80 multi-residential units and is located at 17 &19 Barker Street in the city of Paris (Ontario).
Both purchases are accretive and will add great tenant and geographic diversification to the REIT’s portfolio. These new acquisitions also take the Skyline Apartment REIT into two new Ontario communities and as a result the portfolio is now spread out across 42 communities with a total of 7,721 apartment units and over 700,000 square feet of commercial space. Post-acquisitions, the internally appraised IFRS value of the Skyline Apartment REIT is over $670 million.
“We are excited to make these two new purchases in two brand new communities. The Windsor property is of institutional quality and size giving the REIT a great foundation to build upon in this city. The Barker Street purchase (in Paris, ON) has the promise of upside potential on rents and value. These acquisitions show our ability to continue to successfully make acquisitions from individual owners while further diversifying the holdings of the Skyline Apartment REIT”, said Jason Castellan Co-Founder and CEO of the Skyline Group of Companies.
The Skyline Group of Companies is a real estate investment, development and property management group based in Guelph, Ontario. The Skyline Group of Companies is made up of three (3) primary entities: Skyline Management Inc. (SMI) the Property Manager for the REITs, Skyline Asset Management Inc. (SAMI) the Asset Manager for the REITs and Skyline Wealth Management Inc. (SWMI) the Wealth Manager and principal Exempt Market Dealer (EMD) for the REITs. Each of the entities is owned under the Skyline Group umbrella and exists to service Skyline Apartment REIT and Skyline Commercial REIT?. The Skyline Group of Companies currently manages over $700 million in multi-residential and commercial real estate combined and has over 350 employees across the country. The Skyline Group of Companies’ objectives are to provide accommodations of choice for tenants, stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.