Skyline Incorporated of Guelph, Ontario announced February 29, 2008, the close of a $9.685 million portfolio acquisition in Ingersoll, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $206.235 million.
The Ingersoll acquisition is the first in the city for Skyline and encompasses 185 residential suites.
The three buildings are located at 271 and 285 Thames Street North in Ingersoll. 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 thirty-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 commented that the property has “good potential but a poor reputation. That is where we can make this property shine. With the Woodstock Toyota plant nearing completion, we will benefit from having a solid property in close proximity to the plant. With some management techniques, we can bring this property back to being Ingersoll’s finest apartment living. We are very excited to own here.”
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 3,570 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.