To kick-off the spring season and the second quarter of 2012, we are excited to announce a new addition to the portfolio.
This new acquisition is Skyline Apartment REIT’s first purchase in 2012. Located at 3915 Portage Road in Niagara Falls, Ontario, this property comprises 57 apartment units and is located within the same neighbourhood as one of the portfolio’s existing buildings. The addition of a second building in this area will further strengthen Skyline Apartment REIT’s presence in this city and allow for further economies of scale and provide local staff, including the buildings’ Resident Managers, the option of referring overflow rentals to another Skyline property in the area.
“This new acquisition is a great example of an opportunity where we got to work with a non-institutional vendor to purchase a well-run and well-maintained mid-rise building in the city of Niagara Falls where we already own real estate on this exact same street. Synergies and economies of scale will benefit our existing property and serve to enhance the performance of this new solid acquisition.” ~ Jason Castellan, CEO, Skyline Apartment REIT