Skyline Incorporated of Guelph, Ontario announced February 9, 2007 the close of a $2.3 million portfolio acquisition in Chatham, Ontario, adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $133.174 million.
The Chatham acquisition encompasses 58 residential suites.
The building is located at 455 Sandys Street in Chatham. 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 fourteenth 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, stated that “already owning two other buildings within close proximity in Chatham gives us the knowledge about the tenant base and average rental rates, which we have room to increase over time. This building is a strong addition to the growing 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 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 2,237 residential suites and 211,153 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.