Skyline Apartment REIT Acquires Oshawa, ON Property
July 6, 2006 - Press Release
1140 Mary Street North, Oshawa, ON
Skyline Incorporated of Guelph, ON announced today the close of a $7.55 million acquisition in Oshawa, 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 Oshawa, ON acquisition is in an attractive residential location at 1140 Mary Street North, located at the north end of the city near Taunton Road.
The 117-unit property is the second Skyline REIT building in the city of Oshawa, which will provide an excellent opportunity to leverage economies of scale from management of multiple properties. Mary Street marks the first property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”).
Jason Castellan, CEO of Skyline Incorporated, commented that “the Mary Street building is well situated in a location where recreation, shopping and other numerous amenities allow our tenants to have an enjoyable and convenient experience. The Skyline REIT just got stronger by adding such a quality property into our growing stable of buildings.”
(Roy) Jason Ashdown, COO of Skyline Incorporated, added, “1140 Mary Street is a turn-key building that will fit well with our other Oshawa property and adds further critical mass to our eastern region holdings.”
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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