Skyline Incorporated of Guelph, Ontario announced September 28, 2007, the close of a $4.3 million portfolio acquisition in Owen Sound, Ontario, adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $165.7 million.
The Owen Sound acquisition is the eighth in the city for Skyline and encompasses 86 residential suites.
The building is located at 2860 Sixth Avenue West in Owen Sound. The acquisition expands Skyline Apartment REIT’s central portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the twenty-first 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 remarked that, “With an already dominant stronghold on apartments in this part of Owen Sound, 2860 Sixth Ave will benefit from those economies of scale and allow us to continue to improve upon client quality in a community that already shows good strength moving forward.”
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 2,951 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.