Skyline Incorporated of Guelph, Ontario announced June 25, 2007, the close of a $6.8 million portfolio acquisition in St. Catharines, Ontario, adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $155.36 million.
The St. Catharines acquisition is the first in the city for Skyline and encompass 185 residential suites.
The buildings are located at 380 and 382 Vine Street in St. Catharines. 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 eighteenth 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 explained that “these two buildings, sold as one package, provide an excellent opportunity for our investors. This complex will shine once Skyline has the opportunity to do renovations and upgrades. The Portfolio Efficiency Program will be implemented immediately and that will unlock substantial value. This location within St. Catharines is strong and offers good amenities nearby, and we will be working to shift the clientele and will see further value as the area has a demand for better product.”
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 2,742 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.