Skyline Incorporated of Guelph, Ontario announced March 31, 2008, the close of a $3 million portfolio acquisition in Oshawa, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $218.235 million.
The Oshawa acquisition is the fifth in the city for Skyline and encompasses 35 residential suites.
The building is located at 110 Park Road North in Oshawa. The acquisition expands Skyline Apartment REIT’s eastern portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the thirty-third property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.
Jason Castellan, Chief Executive Officer of Skyline Incorporated commented that, “This building was built by the vendor’s father, so it has been in the family since it was constructed. It has been well taken care of and the quality of clientele reflects that as well. It is in a very good location and has several efficiency opportunities that we plan to take advantage of immediately.”
Skyline Incorporated was formally incorporated in 1999 by its three partners, Jason Castellan, Martin Castellan, and (Roy) Jason Ashdown. Skyline Incorporated, as 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 3,728 residential suites and 267,070 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.