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.
About Skyline Apartment REIT
Skyline Apartment REIT (the “REIT”) is a privately owned and managed portfolio of primarily multi-residential properties, focused on acquiring both established and newly developed properties in secondary and tertiary communities across Canada.
Skyline Apartment REIT is distributed as an alternative investment product through Skyline Wealth Management Inc. (“Skyline Wealth”), the exclusive Exempt Market Dealer for the REIT.
Skyline Apartment REIT is committed to providing best in class apartment suites and service to its residential tenants, while surfacing value with a goal to deliver stable returns to its investors.
To learn more about Skyline Apartment REIT and other alternative investment products offered through Skyline Wealth, please visit SkylineWealth.ca.
Skyline Apartment REIT is operated and managed by Skyline Group of Companies.
For media inquiries, please contact:
Director of Marketing, Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
(519) 826-0439(519) 826-0439 x 243
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