Skyline Apartment REIT Acquires Cambridge, ON Property
July 31, 2006 - Press Release
Skyline Incorporated of Guelph, ON announced today the close of a $1.495 million acquisition in Cambridge, ON adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT portfolio’s current market value holdings to $92 million.
The Cambridge, ON acquisition is in an attractive residential location at 322 Schlueter Street, located just south of Highway 401, east of Highway 8.
The 29-unit property is the seventh Skyline REIT building in the city of Cambridge, which is a region that continues to provide excellent opportunities to leverage economies of scale. Schlueter Street is the second property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”).
Jason Castellan, CEO of Skyline Incorporated, commented that “this (Schlueter Street) building is a prime example of how we will employ numerous energy conservation strategies to immediately impact the upside value of this building. With a longer term tenant base, upside in rents will take longer to achieve, but it also demonstrates that this is a building where people want to live and stay.”
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 REIT, is focused on building an accretive $500 million real estate portfolio (Vision 2010). The Skyline REIT currently holds 1,416 residential suites and 168,000 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.
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