Skyline Incorporated of Guelph, Ontario announced June 20, 2007, the close of a $6.16 million portfolio acquisition in Collingwood, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $148.56 million.
The Collingwood acquisitions are the first in the city for Skyline and encompass 77 residential suites.
The buildings are located at 528 and 610 Tenth Street in Collingwood. The acquisition expands Skyline Apartment REIT’s central portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. These properties are the seventeenth properties 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 commented that Collingwood “is a bustling area that has predominantly shifted its employment to the service industry. These two buildings represent the standard that the Skyline Apartment REIT strives to uphold. The on-site staff is very strong and the most senior clientele will ensure that these properties will exceed our expectations.”
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 2,556 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.
528 Tenth Street, Collingwood, ON