Although the third quarter of 2012 has come to an end, the Acquisitions Team is in full swing as they continue to ramp up their efforts expecting to add an additional 550 residential units to the Skyline Apartment REIT before year-end, and that number could very well grow between now and then. In fact, in the last week alone, the REIT acquired three new properties, growing the portfolio by another 290 residential suites.
The first acquisition in Tilbury (Ontario), a new community for the Skyline Apartment REIT, is located at 65 Fort Street in the city’s east end and is comprised of 50 townhomes. The purchase price was $2.6 million. The second and third acquisitions are located in the city of Sault Sainte Marie (Ontario); these are the REIT’s second and third properties in this city adding an additional 240 suites to the current northern region portfolio. Located at 352 Dacey Road and 23, 26 & 27 Terry Fox Place, the total purchase price for these two properties was approximately $17.475 million.
“We are happy to expand the REIT’s geographic diversification strategy into our newest community of Tilbury, Ontario. There is opportunity here to put our professional touch on a property that is already in excellent cosmetic shape, and by employing our proprietary systems and protocols, this property will fit quite nicely within the portfolio. The Dacey Road and Terry Fox Place additions in Sault Sainte Marie are examples that we can build a strong presence in one single community, creating economies of scale and synergies with the real estate we already own there. This northern market is very strong with one of the lowest vacancy rates in Ontario which creates opportunity for rent escalation when combined with the proper yield management strategy”
– Jason Castellan, CEO & Co-Founder, Skyline Apartment REIT & the Skyline Group of Companies
The Skyline Apartment REIT portfolio is now made up of a total 106 properties, comprised of 8,011 residential suites and over 705,000 square feet of commercial space spread out across 43 communities in 4 Canadian provinces. The total internally appraised IFRS value of the Skyline Apartment REIT is currently over $690million.
The Skyline Group of Companies is a real estate investment, development and property management group based in Guelph, Ontario. The Skyline Group of Companies is made up of three (3) primary entities: Skyline Management Inc. (SMI) the Property Manager for the REITs, Skyline Asset Management Inc. (SAMI) the Asset Manager for the REITs and Skyline Wealth Management Inc. (SWMI) the Wealth Manager and principal Exempt Market Dealer (EMD) for the REITs. Each of the entities is owned under the Skyline Group umbrella and exists to service Skyline Apartment REIT and Skyline Commercial REIT?. The Skyline Group of Companies currently manages over $720 million in multi-residential and commercial real estate combined and has over 350 employees across the country. The Skyline Group of Companies’ objectives are to provide accommodations of choice for tenants, stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.