Skyline Incorporated of Guelph, Ontario announced January 24, 2007 the close of a $3.1 million portfolio acquisition in London, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $114.674 million.
The London acquisition encompasses 60 residential suites.
The building is located at 1223 Richmond Street in London. The acquisition expands Skyline Apartment REIT’s western portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the twelfth property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.
Jason Castellan, CEO of Skyline Incorporated remarked that this building is “predominantly a mature student building due to its close proximity to the University of Western Ontario. We see upside in this property through improved management and physical improvements to the building itself. We are proud at how this building compliments the Western region of our Skyline Apartment REIT portfolio.”
Skyline Incorporated was formally incorporated in 1999 by its three partners, Jason Castellan, Martin Castellan, and (Roy) Jason Ashdown. Skyline Incorporated, as an asset manager for Skyline Apartment REIT, is focused on building an accretive $500 million real estate portfolio (Vision 2010). The Skyline Apartment REIT currently holds 1,921 residential suites and 146,153 square feet of commercial space. Moving towards this vision, Skyline Incorporated takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio.